Since when and how Yape and Plin users will be able to transfer money to other banks

Yape and Plin began to interoperate in April of this year due to a provision of the Central Reserve Bank (BCRP). In this way, a process was started that seeks to streamline and facilitate the payments made by users on a daily basis. between the different entities that make up the financial system. Since when and how will it work? Here we tell you.

“The idea is also to promote competition. With more participants who can talk to each other, who is going to attract the most customers? “The one that has the best value proposition,” says Martín Santa María, CEO of the Electronic Clearing House (CCE).

Since when will Yape and Plin users be able to transfer money to other banks?

Since September 13Peruvians can now make payments between any bank, savings bank, financial institution or digital wallet using only the recipient’s cell phone number, so that it will no longer be mandatory to enter the 20 digits of the interbank account code (ICC).

The deadline was set by the BCRP and there are already 24 entities of the financial system that have joined. By the end of the year, another five will be added and will eliminate barriers when making a transaction. It should be noted that it is not necessary to have a savings account for this benefit. For example, Yape offers the DNI Account, which allows you to make payments. Besides, More wallets are expected to join the market in the short term.

“We are uniting the world of the banked with the unbanked. That is something new for us because we are adding wallets that were previously independent and isolated systems. The idea of ​​the entire ecosystem is finally the fight against cash, since in Peru 80% of payments are made in cash,” he explained. Christine MurMarketing Manager and Trade Directorate of the CCE, to La República.

How can it be transferred using only the cell phone number?

To be enabled to receive or send money only with the cell phone number, the entities will be responsible for requesting voluntary affiliation from each user. Only by giving this authorization will users be able to access this functionality.

Another benefit of interoperability is that payments can be made using a QR. For example, in a supermarket you usually pay with cash or a debit or credit card; However, now the user will be able to enter the application they use – from a bank, a box or a digital wallet -, will read the store’s QR code and will be able to make the immediate transaction.