88% of Peruvians use digital wallets such as Yape or Plin

According to the seventh wave of the study ‘1000 Peruvians Say’, by Omnicom Media Group (OMG) Peru, published last Saturday, Peruvians rescue the transactional ease they find in the digital world to satisfy their primary needs. In that sense, 88% of the sample approached indicate that they use applications such as Yape or Plin, but only 71% of them use them and trust them, while 17% use them, but do not trust them.

On communication platforms such as WhatsApp or Messenger or social networks in general, more than 80% of payment methods are made through digital wallets —in which we also find Tunki, Agora Pay and Bim—.

The report adds that today’s consumer takes a more cautious stance and prefers to use real money rather than going into debt. However, it is important to point out that 41% of those surveyed do not have any product in the financial system and that 24% prefer to have their money physically with them and if they had to face any additional expenses, 25% would take part of their savings and 16% would ask a family member or friend for a loan, rather than turning to a financial institution.

Among the 59% that do have financial products, 63% have debit cards and 45% use mobile wallets daily, either for the purchase or sale of a product. That is, merchants and consumers benefit from this payment system. This relationship that Peruvians have with money has led them to satisfy their primary and day-to-day needs, according to one of the insights from the study.

Along these lines, there is a change in purchasing behavior that seeks to resolve short-term needs, prioritizing discounts (56%) over quality (53%), but also small and low-cost products (38%) . Regarding personal hygiene products, household cleaning and food in general, more than 40% of people surveyed prefer to buy them in person, while less than 20% use online services.