Making an immediate payment from a cell phone will now be easier, since the Interbank Account Code (ICC)—made up of 20 digits—will no longer be needed, it will only be enough to have the recipient’s cell phone number. Starting this Wednesday, September 13, the digital wallets, banks and municipal savings banks of the financial system will begin to operate with each other, according to the interoperability plan directed by the Central Reserve Bank (BCRP). Here we tell you the details.
Since April, the option to make immediate transfers between Yape (BCP) and Plin (BBVA, Interbank, Scotiabank, Banbif, Caja Arequipa and others) was enabled and from this month users will be able to make payments between 24 entities using the cell phone number. In addition, payments can be made with QR. For example, supermarkets and retail stores usually only accept cash or a debit or credit card to pay, but now they can have a QR that will be read by any of the applications available to carry out the transaction.
What do I need to make a payment or receive money with just my cell phone number?
Users will be consulted by banks, savings banks or financial institutions if they wish to affiliate their number to receive or send money, according to Martín Santa María, CEO of the Electronic Clearing House (CCE). “It is going to be a one-on-one approach process, it cannot be done massively because you have to have the customer’s acceptance. The bank will surely send them a message these days saying ‘if you want to join the interoperability model, register your cell phone,'” he explained.
Do I need to have a savings account to make payments?
One of the advantages of interoperability is that unbanked users will be able to carry out transactions with banked users, which means that it is not mandatory to have a savings account. “Imagine that you are a client of a wallet like BIM, to give a sector example, you can download your application and you are automatically a BIM client without having an account in any bank and when BIM connects to the CCE ecosystem (in December 2023) will be able to send and receive money without having a savings account,” Santa María said.
Following the example of the executive, users with a Yape DNI Account They will also be able to make payments without having a savings account. In this way, more digital wallets are expected to join Peru’s payment ecosystem in the coming years.
Source: Larepublica
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