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Digital wallets will be the most used means of payment in five years

Digital wallets will be the most used means of payment in five years

Leaving home without a cell phone today seems impossible, and it almost is, since thanks to this device we can carry out different transactions, such as buying a bottle of water at a winery or paying for a taxi service. When a group of banked adult Peruvians was asked what payment method they used in the last week, 24% said that a digital walletaccording to the XII Report on Trends in Means of Payment (2022) of Minsait Payments.

In addition, according to said study, 95% of this population has a smartphone and 30% a smartwatch, while the experts surveyed affirm that the digital payment method used most frequently within five years will be digital wallets, both for countries Latin America as well as some selected countries in Europe. “We see that 58% of adult Peruvians are banked, which is around 10 million people. And obviously there are a large number of digital financial services, which are increasingly used. Peru is one of the countries that leads the use of digital wallets in Latin America”, commented José Pablo Gil, senior manager of Means of Payment at Minsait, in dialogue with La República.

How to expand your coverage?

Mobile payment apps are preferred by users because they are easy to use and fast, and are also used above all to pay for transportation and mobility, according to the study. But how to expand its coverage in our country? According to Blanca Valera, Lyra Peru’s Business Development Manager, there are two factors that would contribute to the growth of this business model: multi-operability and strategic alliance.

  Microfinance companies will launch digital wallet for transfers of up to S/500 / Photo: MML

Microfinance companies will launch digital wallet for transfers of up to S/500 / Photo: MML

“Here the idea to benefit the end user is to see ourselves as allies and these strategic alliances, this unification of the solution is what will promote and will make it possible to present a robust tool that will last over time,” said the specialist. . An example of this could be the app that the municipal savings banks are planning to launch in the coming weeks. Valera agrees with this and stresses that there is still a long way to go.

fintech boom

Another conclusion of the study is that fintechs have emerged to provide a better user experience and cover above all the needs neglected by traditional options such as banks. In Peru there are already more than 700 of these technological companies with banking capacity that are already offering their services. According to Varela, the challenge is for them to be maintained, and for them to do so successfully, It will depend on whether it is a stable service and with the capacity of anti-fraud engines that provide security to the user.

Source: Larepublica

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