Open banking: BCRP próximo a dar luz verde a “iniciadores de pagos”, ¿sepultarán a tarjetas de crédito? | TU-DINERO

Peru’s central bank, the Banco Central de Reserva del Perú (BCRP), is poised to approve regulations for “payment initiators” in the second quarter of 2026, a pivotal step towards open finance. This move threatens to disrupt traditional credit card dominance by enabling direct bank account access for payments with user consent, potentially lowering transaction costs and fostering competition within the financial sector.

The Looming Shift: Open Banking and the Peruvian Financial Landscape

The implications of this regulatory shift extend far beyond simple convenience. It represents a fundamental restructuring of the payment ecosystem, forcing established financial institutions to adapt to a more competitive landscape. The core problem? Existing infrastructure, built around card networks, carries inherent costs – interchange fees, fraud risk, and processing overhead. Open banking, by bypassing these layers, promises a leaner, more efficient system. However, this transition isn’t without its challenges. Banks face the prospect of losing control over customer data and revenue streams, leading to resistance and a need for robust cybersecurity measures. Here’s where specialized firms become critical.

The BCRP’s announcement, delivered by José Luis Vásquez Paz, head of strategy and digital payment development, signals a commitment to accelerating Peru’s open finance roadmap. The regulator is currently finalizing a draft regulation outlining the operational framework for these payment initiators, envisioning both a centralized model through a new BCRP payment platform and a decentralized model allowing direct relationships between fintech companies and financial entities. This dual approach aims to balance innovation with security and efficiency.

The Mechanics of Disruption: How Payment Initiators Work

Essentially, a payment initiator acts as a trusted intermediary, authorized by the user to directly debit funds from their bank account to a merchant. As Luis Ernesto Marín, a partner at Rubio Leguía Normand law firm, explains, “An initiator of payments is a third party, it could be a fintech or an app, that, with the consent of the user, can order directly the payment of a bank account to a commerce. For this, you do not need to have the card nor enter the bank application.” This process eliminates the need for physical cards or traditional banking apps, streamlining transactions and potentially reducing costs. Companies like Niubiz and Izipay are already positioned to potentially operate as payment initiators, leveraging their existing payment processing infrastructure.

The comparison to existing digital wallets like Yape is apt. Yape, already a dominant force in Peruvian digital payments, facilitates transfers directly from bank accounts. However, payment initiators represent a more sophisticated evolution, enabling automated, recurring payments and integration with a wider range of services. The key difference lies in the API (Application Programming Interface) driven automation, allowing for a seamless, secure, and authenticated payment flow without requiring manual intervention or the sharing of sensitive card details.

Regulatory Coordination and the Path Forward

The BCRP is working closely with the Superintendencia de Banca, Seguros y AFP (SBS), Peru’s banking regulator, to ensure a cohesive regulatory framework. This coordination is crucial to avoid overlapping regulations and to foster a stable environment for innovation. According to the SBS’s recently presented roadmap, the regulatory framework for open finance implementation is slated for completion by the finish of 2026.

But will credit cards become obsolete? The answer is a nuanced “not necessarily.” Even as payment initiators offer a compelling alternative, many consumers still prefer the convenience and rewards programs associated with credit cards. The future likely involves a coexistence of payment methods, with open banking catering to specific use cases – such as automated bill payments or micro-transactions – where its efficiency advantages are most pronounced.

The Impact on EBITDA Margins and Revenue Multiples

For Peruvian banks, the rise of open banking presents a significant challenge to their existing revenue models. Credit card interchange fees currently contribute a substantial portion of their earnings. A shift towards direct bank account payments could compress EBITDA margins, particularly for institutions heavily reliant on card-based revenue. This pressure will likely drive consolidation within the banking sector, as smaller players struggle to compete.

According to a recent report by Deloitte, banks investing heavily in open banking infrastructure and developing innovative new services are expected to outperform their peers in the long run. Those who resist the change risk becoming marginalized in a rapidly evolving market.

“The key to success in the open banking era is agility and a willingness to embrace collaboration. Banks need to move beyond a defensive posture and actively explore opportunities to partner with fintech companies and leverage the power of open APIs.” – Ricardo Diaz, Managing Director, Investment Banking, BTG Pactual.

Navigating the Legal and Compliance Landscape

The implementation of open banking also raises complex legal and compliance issues. Data privacy, security, and consumer protection are paramount concerns. Financial institutions and fintech companies will need to invest heavily in robust cybersecurity measures and ensure compliance with evolving data protection regulations. This is where specialized legal counsel becomes indispensable. Expert corporate law firms specializing in fintech regulations are already seeing increased demand for their services as companies prepare for the new regulatory environment.

the need for standardized APIs and data security protocols will drive demand for specialized technology solutions. Cybersecurity firms offering API security and data encryption services will be crucial in mitigating the risks associated with open banking.

The Future of Payments in Peru: A Competitive Landscape

The BCRP’s move to embrace payment initiators is a bold step towards modernizing Peru’s financial infrastructure. While the transition will undoubtedly be challenging, the potential benefits – increased competition, lower costs, and greater financial inclusion – are significant. The next 18-24 months will be critical as the regulatory framework is finalized and companies begin to develop and deploy open banking solutions.

The Peruvian financial sector is on the cusp of a transformation. Businesses seeking to navigate this evolving landscape need to partner with experienced advisors and technology providers. The World Today News Directory offers a comprehensive listing of vetted FinTech solutions, regulatory compliance experts, and cybersecurity specialists to help you stay ahead of the curve. Don’t wait for disruption to knock – prepare for the future of finance today.