He Central Reserve Bank of Peru will implement a new digital payment system in the country. This is an idea that emerged in 2023, which seeks to ensure that more people can access existing banking systems without necessarily having to have a smart cell phone. This initiative is positioned as an alternative to the growing digital wallet market in Peru, such as Yape, Plin, IziPay, among others.
The objective of the system will be to provide new tools to people so that they can be included in the percentage that uses digital wallets. This objective had already been set in 2023, when the BCRP issued the document titled ‘CBDC: promoting digital payments in Peru’.
On that occasion, Julio Velardepresident of the Board of Directors of Central Reserve Bank of Peru (BCRP)assured that the idea was being worked on since 2021 hand in hand with the International Monetary Fund (IMF). In statements for The Republicthe public entity indicated that the new system will not replace the traditional one, but will serve as a complement to the existing ones.
This new system is coming tested in 35 other countrieswhich includes world-class powers such as China, Russia, Brazil and South Korea. In addition, the central banks of Nigeria, Bahamas and Jamaica have already adopted it within their financial system.
From the BCRP indicate that the system differs from that dedicated entirely to cryptocurrencies because it will be the participating financial institutions that will ensure that the funds are issued by recognized entities.
When and how will the new digital wallet system that the BCRP will implement?
The BCRP reported that this new digital payment system in the country will ensure that users who are not yet immersed in this market can do so without any impediment. According to him Regulation of Digital Money Innovation Pilots of the Central Reserve Bank of Peruthis would enter your pilot phase in July 2024. There will be 10 entities that will join this initiative and will serve to provide a better service when it is officially launched.
These financial institutions will have to look for offline payment solutions, as well as a system that helps unbanked users be part of the digital financial world.
BCRP: meet the 10 providers selected for pilot testing of new digital wallets
Currently, 70% of Peruvians use digital wallets. The implementation of the new system seeks to ensure that the percentage that does not yet adhere to it can do so without the need to have special characteristics, such as maintain a constant connection to the internett.
Below is the list of digital wallets that will be part of the pilot plan implemented by the BCRP:
- Yape
- Plin
- Financial Oh
- Ligo
- Izipay Now
- Prex
- Bipay
- Effective your finances
- Wayki
- Bim
- Kontigo
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
