The pandemic of COVID-19 it marked a before and after in the progress of the digitization of payments in Peru. Thus, between 2015 and December 2022, the number of digital transactions quintupled, reached around 174 operations per person in the year, according to the Central Reserve Bank of Peru (BCRP).
The monetary authority, in its report ‘CBDC: Promoting digital payments in Peru’, indicates that last year’s data exceeded its forecasts made in 2019 on the advance of this form of transaction in Peru by 68% due to innovations in retail payment methods through immediate transfers 24/7, digital wallets and payments with QR codes.
Digital payments in Peru. Photo: BCRP
“The distancing measures and the generalization of contactless payments promoted the use of digital wallets and instant transfers by individuals and businesses, especially for low-value transactions,” says the BCRP.
However, it stands out that, despite the considerable progress in the number of operations per capita, we are still below countries such as Brazil, Costa Rica and Argentina, which reached 351, 235 and 186 digital cancellations per person in 2021, respectively.
Problems facing the payment system
According to the monetary authority, on the demand side, among the main problems facing the National Payment System (SNP) is the low level of acceptance of digital payments, as well as the preference for the anonymity of cash, difficulties in fully understanding the technologies to accept this type of transaction and high costs of cancellation services, etc.
While, on the supply side, they highlight the lack of interoperability; access barriers to current payment systems, schemes and arrangements; difficulty in identifying profitable and inclusive business models; and limited access points.
In this section, he points out that, of the 18 existing banks nationwide, only 7 use digital wallets, 3 use Yape and 4 Plin. The same occurs with the 12 existing municipal funds: 6 use Yape and 3 Plin. Rural savings banks and financial institutions do not use any. This generates an interconnection ratio of 20% in the case of Yape and 15% in Plin.
Interconnection in payment systems and agreements. Photo: BCRP
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
