Mobile banking will allow you to transfer money only with a cell phone number: since when?

before the imminent interoperability of the Yape and Plin digital wallets, the Central Reserve Bank (BCR) reported that from June 2023 it will be possible to carry out transfers of money from the mobile banking of any financial entity using only the mobile number.

Paul Castillo, manager of Monetary Operations and Financial Stability of the BCRexplained to Gestión that this innovation will facilitate the immediate interbank transfer because the long 20-digit Interbank Account Code (ICC) will no longer be required.

How would it be different from Yape and Plin?

“The interoperability through the cell phone number it not only reaches digital wallets, but it would also reach mobile banking, to displace the interbank code,” he said. In addition, one of the benefits that this innovation would bring is that more money could be transferred than that today allow applications such as Yape and Plin that It is S/500 for every 24 hours.

The official explained that in the operations carried out through the Electronic Comparison Chamber (CCE) there are costs to be covered because the continuous participation of the entities involved is needed. However, he added that there are innovations in the implementation of app updates that would make transactions with the cell phone number.

Let us remember that in October 2022, the BCR published the interoperability regulation of “Payment Services provided by Providers, Agreements and Payment Systems”, which establishes guidelines that banks should follow when they put immediate funds transfers at the service of their clients.

According to the circular, the entities obliged to implement interoperability are those that offer the following payment services:

1. Digital wallets.
2. Immediate payment functionalities embedded in mobile banking applications.
3. Immediate transfer service in mobile banking applications.
4. Others that the BCRP determines at the time.