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Peru

Peru

Peru
Top e-commerce industries
24.6%
Electronics
20.6%
Hobby & Leisure
21.5%
Fashion
Furniture & Homeware
Care Products
DIY
Grocery
Lima
Capital
18.5M
Population
-5
Time Zone (GMT)
PEN
Currency
Peruvian sol
$22.9B
Transactions
value in 2028
6.7%
CAGR
of Digital Payments
during 2025-2028

Popularity of e-commerce payment methods

Bank Transfer
20%
Buy Now Pay Later
1%
Cash-in
6%
Credit Cards
31%
Debit Cards & Prepaid Cards
21%
E-wallet
11%
Mobile Money
11%
Others
11%

Extend your reach

Bank transfers in Peru allow users to send and receive money electronically between bank accounts. They can be initiated through online banking platforms or mobile apps provided by financial institutions such as BCP, Interbank, BBVA, Caja Arequipa, and others. The process is generally straightforward: users select their bank, input necessary details, and complete the transaction.

Method
Bank Transfer (PE)
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Bank Transfer
Local Card Scheme
Users
11M
Disbursements
Yes
Yes
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

BCP has one of the largest branch and ATM networks in Peru, it offers a highly advanced digital banking platform that includes the BCP app

Interbank leverages cutting-edge digital banking solutions, delivering a user-friendly mobile app that offers real-time transaction alerts, personalized financial insights, and advanced security features

As part of the BBVA Group, BBVA Peru leverages international expertise and resources to offer a divrse range of global banking services and investment opportunities.

Caja Arequipa specializes in microfinance and is actively involved in local communities, offering financial education.

Agente KasNet functions as a multi-bank correspondent, enabling customers to conduct various banking operations such as bill payments, money transfers, and cash withdrawals at local businesses like bodegas, pharmacies, and other commercial establishments.

Method
KasNet
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Accessibility: The network is designed to enhance financial accessibility, especially in areas where traditional banks are less available. This is crucial for residents in remote locations and urban areas alike

Diverse Services: KasNet offers over 49 different services, including payments for utilities and other essential transactions, making it an attractive option for everyday financial needs

Interbank cash payments represent a vital component of Peru's financial landscape. They cater to both urban and rural populations by offering a secure, efficient means of transferring funds while promoting greater financial inclusion across the nation.

Method
Interbank
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Financial Inclusion: With a large segment of the population lacking access to traditional banking services, interbank cash payments provide an alternative that bridges this gap

Security and Trust: Many consumers in Peru continue to prefer cash due to concerns about online transaction security

Banco de Crédito del Perú (BCP) is a leading financial institution in Peru, offering a variety of payment methods, including cash payments. Despite the growing trend towards digital transactions, cash payments remain significant due to cultural preferences, trust issues with online transactions, and limited banking access for many consumers.

Method
BCP
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Accessibility: With a considerable portion of the population lacking access to banking services, cash remains an essential payment method for many

Integration with Digital Systems: BCP has integrated cash payment options with its digital platforms, allowing users to transition smoothly between cash and digital payments when necessary

The system allows consumers to make online purchases by generating a unique code for their transaction, which they can then pay at designated physical locations such as banks and convenience stores. Once the payment is confirmed, the e-commerce site processes the order, making it a secure option for consumers who prefer cash over digital payments

Method
Scotiabank
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

As part of the Scotiabank Group, it benefits from international reach and expertise

Growing E-commerce: As online shopping increases, so does the need for reliable payment methods. Cash payments provide a bridge for those who may not have access to credit cards or bank accounts but still wish to engage in e-commerce

As of the end of 2023, BBVA served over 8 million customers in Peru, reflecting its extensive reach and the popularity of its services, including cash payments. The bank's approach focuses on meeting diverse financial needs, which includes catering to those who prefer cash transactions.

Method
BBVA
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Integration with Local Payment Systems: BBVA’s collaboration with local payment systems enhances its service offerings, making it easier for users to conduct transactions in a familiar manner

Gradual Transition to Digital Payment Methods: Cash remains a dominant form of payment as consumers adapt to new technologies at their own pace

Tambo is a Peruvian store chain offering an alternative payment method that allow users to conduct online transactions using cash. This system involve purchasing payment vouchers or codes with cash, which can then be used for e-commerce.

Method
Tambo
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Convenience: The ability to pay at physical locations using cash offers a straightforward solution for those who may not be comfortable with or have access to digital payment methods. Locations such as convenience stores and supermarkets facilitate these transactions

Agora is a comprehensive e-wallet application in Peru designed to simplify financial management and daily tasks for its users. The app has over 5 million downloads.

Method
Agora
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
E-wallet
Local Card Scheme
Users
2.5M
Disbursements
No
No
Chargebacks
Yes
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

The app integrates multiple services, including debit and credit cards, savings accounts, rewards programs, and even food delivery

Agora allows users to make cashless payments, transfer money without fees, scan QR codes for purchases, and access a digital savings account with an annual interest rate of 6% without maintenance costs

BIM (Billetera Móvil) is Peru's first fully-interoperable national mobile money platform, launched in February 2016.

Method
BIM
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
E-wallet
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
Yes
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

The platform allows users to store and transfer money using their mobile phones without needing a traditional bank account

Users can perform various transactions such as cash-in, cash-out, person-to-person transfers, buying airtime, and paying for services like electricity and water bills

IzipayYA (formerly known as Tunki) is a digital wallet developed by Banco Internacional del Perú (Interbank). izipayYA has over 5 million downloads on the Google Play Store.

Method
izipayYA
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
E-wallet
Local Card Scheme
Users
5M
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

The app supports payments for over 800 services, including utilities (water, electricity, gas), university fees, and more

Users can access payments from any digital wallet through a single QR code

Kontigo is a Peruvian fintech company offering an innovative digital wallet and prepaid Mastercard solution to improve financial accessibility in Peru.

Method
Kontigo
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
E-wallet
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
Yes
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Kontigo enables users to make online and in-store purchases, pay bills, and manage subscriptions like Netflix or Spotify, and also supports international transactions

Plin is one of Peru's leading digital wallets supported by several major banks, including BBVA and Scotiabank. PLIN offers functionalities such as sending money, paying bills, and making purchases.

Method
Plin
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
E-wallet
Local Card Scheme
Users
14M
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Digital wallets like PLIN have played a crucial role in advancing financial inclusion in Peru, with over half of the adult population using these tools

PLIN's success is largely due to the mandated payment interoperability by Peru's Central Reserve Bank (BCRP). This allows seamless transactions between PLIN and other platforms like Yape

Yape is a digital wallet developed by Banco de Crédito del Perú (BCP), one of the largest banks in Peru. Yape is widely used for both personal and business transactions.

Method
Yape
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
E-wallet
Local Card Scheme
Users
16M
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Reasons for Popularity

Yape allows users to make transactions without requiring traditional bank accounts and addresses the needs of the unbanked population, which constitutes about 40% of adults in Peru

Yape has significantly contributed to Peru's e-commerce growth: introduction of features like Yape Tienda and Yapecard has enabled users, including the unbanked, to participate in online shopping

Yape continues to innovate by integrating microloans, discounts, and other financial services into its platform, making it a versatile "superapp" for users across Latin America