After a three-month delay, the second phase of interoperability will break ground tomorrow, Wednesday, September 13, with a preliminary number of users of the Yape and Plin digital wallets who will be able to make transfers to the other 19 financial entities associated with the transfer service. immediate active in the ecosystem.
The first phase connected Yape and Plin users, starting in April this year. Now, it is the turn of the rest of the banks, Municipal Savings and Credit Banks, Financial Institutions and entities registered in the QR Registry, which must adapt to the Regulation of Interoperability of Payment Services established by the Central Reserve Bank of Peru (BCRP). ).
Jorge Carrillo Acostaprofessor at Pacífico Business School, explains that the measure will benefit no less than 20 million users in Peru (Yape has more than 12 million and Plin more than 10 million, but there are people who have both digital wallets).
In this sense, Carrillo says that the telephone number will be enough to make transfers “without having to have a wallet”, a great advantage for banking transactions and avoiding the use of cash. The idea is to integrate the entire system from now on, although he presumes some new extensions.
“You will be able to transfer money to any account of another financial institution only with the other person’s phone number or with the QR code they give you. Already you won’t have to learn the account numbers, CCI, full name of the recipient or their ID, as often happens with interbank transfers,” he explains.
Of course, the other person must have their account number associated with the phone to make the transfers, and the bank must give them all the facilities. Payment is intended to be round trip.
A change for the better
The director of the Academic Area of Economics PAD – School of Management of the University of Piura, Juan José Marthanssaid that, with this measure, the number of wallets is expected to grow so that the benefit of interoperability reaches the entire customer profile of the system: large banks, medium-sized banks and microfinance entities.
“It will be a fundamental change. Not only will it improve quality standards of care, but it will reduce costs transactions that existed until today, given that it was not easy to make transfers between different financial entities,” he explained.
However, it points out that at some point wallets that do not charge user fees could pay interest on the floating they manage.
“Day by day, a fund is observed, what is the revenue that is being paid, or will it continue to be at zero cost for the entities that sponsor the wallets?”, he said.
Cajas will also integrate their digital wallet
Payments with digital wallets they reached 52.3% of the total number of retail digital transactions last March, according to BCRP.
Since the implementation of Yape and Plin interoperability, a total of 30 million operations are registered in Peru each month, according to the BCRP. In August, the peak of 1 million 400,000 daily transfers was reached.
The Peruvian Federation of Municipal Savings and Credit Banks (FEPCMAC) announced the launch of its own cooperative electronic wallet for its more than 10 million clients in February 2024.
Source: Larepublica
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