Peru to Launch National Digital Payment Platform by 2026
Lima, Peru – The Central Reserve Bank of Peru (BCRP) announced plans to introduce a public platform for digital payments by the end of 2026, a strategic move to deepen financial inclusion and foster competition within the nation’s financial sector. The announcement came during Paúl castillo Bardales, the BCRP’s general manager, presentation at the International Forum “payments Innovation Perú 2025.”
Boosting Financial Inclusion Through Innovation
The forthcoming platform is being developed in collaboration with the Central Bank of India, leveraging India’s Unified Payments Interface (UPI) technology. This centralized payment model will define specific roles for participating entities, including banks, access providers, and wallet issuers. The BCRP intends for the platform to complement existing payment infrastructure, expanding access to immediate payments for Peruvians.
Did You Know?
Peru’s financial inclusion rate, while improving, still lags behind regional peers, with a significant portion of the population remaining unbanked.
According to Castillo, the platform’s operation will be governed by payment initiators, enabling value chain participants to integrate with new players like Fintech companies and Bigtech firms, thereby stimulating competition and empowering consumers. This initiative aligns with the ongoing interoperability process, currently in its fourth phase, and seeks to facilitate broader access to the formal financial system, credit, and reduce informality.
International Collaboration and Forum Highlights
Gustavo Leaño, President of the board of directors of Perú Payments, underscored Peru’s accelerating progress in digital payments, noting increased household access to digital wallets and cards, coupled with a decline in cash usage. Though, Leaño also acknowledged the persistent challenges posed by Peru’s substantial informal economy-estimated at 75 percent-which limits access to formal financial services for a large segment of the population. He emphasized the dual imperative of reducing informality and accelerating financial inclusion through technology and innovation.
The International Forum “Payments Innovation Perú 2025,” organized by the Perú Payments Association (PPA), brought together seventeen international experts and over 350 attendees. participants included representatives from leading companies and regulatory bodies.
Forum Participants
| Leading Companies | Regulatory Organizations |
|---|---|
| Payment Market, Cloud, Ebanx, mastercard, Visa, credicorp, Yape, Plin, Niubiz | BCRP of Peru, Central Banks of Colombia and Brazil, The World Bank |
Marcia Vicari, head of the Pix Bank Management Division of the Central Bank of Brazil, presented the advancements of Brazil’s Pix system during the forum. discussions centered on key themes including cash digitalization, payment innovation, regulatory challenges, and the role of payments in driving financial inclusion.
pro Tip:
Exploring the Brazilian Pix model can offer valuable insights for Peru as it develops its own digital payment infrastructure.
Looking Ahead: The Future of Digital Finance in Peru
The BCRP’s initiative represents a significant step towards modernizing Peru’s financial infrastructure and expanding access to financial services. Will this new platform effectively address the challenges of informality and unlock the full potential of digital finance in Peru? And how will the collaboration with the Central Bank of India shape the future of payments in the region?
Evergreen Context: The Global Rise of Digital Payments
The global shift towards digital payments is accelerating, driven by factors such as smartphone penetration, the rise of e-commerce, and the increasing demand for convenient and secure payment methods. Central banks worldwide are exploring the development of Central Bank Digital Currencies (cbdcs) and modernizing payment systems to enhance efficiency and financial inclusion. According to a report by the Bank for International Settlements (BIS), over 90% of central banks are actively researching or developing cbdcs [[1]]. This trend is notably pronounced in emerging markets, where digital payments can leapfrog traditional banking infrastructure and reach underserved populations.
Frequently Asked Questions
- What is the primary goal of peru’s new digital payment platform? To deepen financial inclusion and promote competition within the Peruvian financial sector.
- When is the platform expected to launch? By the end of 2026.
- Which country is Peru collaborating with on this project? india, leveraging its UPI technology.
- What is the current level of informality in Peru? Approximately 75% of the economy operates informally.
- What role will Fintech companies play? They will be able to integrate with the platform to distribute payment services.
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