Peru

An emerging payments market accelerating toward digital inclusion and cashless adoption

Overview

Peru’s payments landscape is evolving rapidly with strong government and private-sector efforts to expand financial inclusion

Although cash remains significant especially in rural areas, digital adoption is accelerating in cities driven by smartphone growth and new fintech entrants

The expansion of mobile wallets, QR-code payments, and instant transfers is reshaping how consumers and businesses transact across the country

Key Characteristics

High potential for digital growth as cash usage declines

Strong focus on mobile-first financial inclusion initiatives

Fintech innovation led by startups and established banks

Rising adoption of QR-code and real-time payment solutions

Supported Payment Methods

Credit and debit cards through Visa and Mastercard

Mobile wallets such as Yape and Plin gaining mass adoption

Bank transfers and QR payments expanding rapidly

Cash-based vouchers like PagoEfectivo still relevant for e-commerce

Key Providers

Yape and Plin dominate mobile payments through partnerships with major banks

VisaNet and Niubiz lead in merchant acquiring and card acceptance

Fintechs and neobanks are expanding reach to unbanked and underbanked populations

Regulation and Compliance

Supervised by the Superintendency of Banking, Insurance and AFP (SBS) and the Central Reserve Bank of Peru (BCRP)

Recent reforms promote open banking, fintech participation, and digital payment interoperability

Government initiatives aim to reduce the informal economy and increase electronic payments nationwide

Strengths / Differentiators

Want to know more about payments in Peru?

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