More than half of Peruvians make digital payments

The digitalization of payments among the banked population of Latin America It accelerated in the last three years as a result of the pandemic, and managed to position itself as an attractive option. In the specific case of Peru, 54% of the population declares that they have incorporated digital operationsand 70% affirm that they would do so to reduce the impact on the environment, according to the 13th report by Minsait Payments.

According to the Peruvian Chamber of Electronic CommerceIn our country, more than US$12.1 billion in virtual purchases are made and only last year, online debit operations increased by nearly 50%, according to Visa Consulting & Analytics, which represented the greatest growth at the regional level. Along these lines, in terms of digital payments and purchases, 68% of Peruvians prefer to make their transactions from an account, followed by the card with 23%.

Likewise, 46% make online purchases on websites, such as Falabella, Tottus or Sodimac; 39%, through supermarket apps, and 36% through delivery apps, according to the seventh wave of the study ‘1000 Peruvians say’, by Omnicom Media Group (OMG). In this sense, it is important to highlight that the preference for digital wallets, such as Yape or Plin, comprises about 24% of consumers, while fractional payment options comprise 27%.

Debit versus credit

Just in the last year, The cards achieved a penetration of 63%, two percentage points more than in 2022, according to the study ‘How do we pay for our mass consumption purchases?’ from Kantar. Currently, more than 90% of the Peruvian banked population has a debit card to make their payments, and 55.3% claim to have a credit card, the use of which is lower among users, notes Minsait Payments.

However, despite the fact that the presence of debit cards in online purchases increased by 9%, credit cards continue to be the leading electronic payment method in Latin America with a 50% participation. On the other hand, unlike countries like Spain, Brazil or Chile, where the use of cash is surpassed by cards, in Peru its use remains in first place with 28%, but the distance with the other payment methods most used in person: 24% for the physical debit card and 23% for transfers.

An increasingly cautious Peruvian

In the universe of virtual cards, 34% of Peruvians have a virtual debit cardwhile 22% have a virtual credit card.

Cash is used for small everyday purchases, and is also the preferred modality for 47% of Peruvians.

According to the ‘Payment Methods Trends Report’ Minsait Paymentsfor 53% of industry agents, by 2030 cash will be a complementary payment method to digital ones.

In the last year, the cards achieved a penetration of 63%.