In Peru there is a predominance of in-app payments above that reported on average in Latin America, where QR payments have more weight, mentioned the commercial director of Minsait Payments, Rafael Carrascoso.
It should be noted that in-app payment is a form of payment that is made through the cell phone: a virtual account is created and the user has the true number of the protected card when making the purchase.
Minsait Payments anticipated that once the regulation for QR payments is standardized, adoption will grow considerably.
“Under these dynamics and in a post-pandemic world, the competition perceived by the banking sector by 2030 is a combination of agents of different natures and sizes (fintech, bigtech neobanks), all of them necessarily generators of value. For this reason, almost half of the managers consulted for the Minsait Payments report, bet on collaboration with bigtech or fintech as a reaction to the eventual entry of these new players.“Carrascoso concluded.
He recalled that Peru was already registering significant changes in the means of payment used by the banked adult population in their monthly expenses. For example, the use of cash already suffered a sharp decline (-8%) in 2019.
According to Rafael Carrascoso, commercial director of Minsait Payments, the current situation “It will redefine changes that were previously seen in the preferences of the means of payment such as the acceleration of the use of technologies that allow to move towards NFC payments (payments by proximity with mobile phones) and other methods to transact in cashless format.”.
The bosses in Peru show that “the transactionality of electronic payments is concentrated on cards, which are used today in nine out of 10 electronic payment operations“He added.
The director of Financial Services of Minsait in Peru, Luis Beteta, stated that “In addition, digitization alerts us to the urgency of another aspect such as the universalization of electronic means of payment to avoid that, ultimately, no one is left behind.”.
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In Peru there is no large-scale payment initiation service, which is largely the reason why 66% of the banked population does not know about this service. However, once explained what it consists of, 70% two out of three users are willing to use them, a provision higher than the Latin American average, the company noted.
Unlike the payment initiation service, mobile payment in Peru is widely spread among the banking population and has experienced notable growth in the last year: it has a higher presence than the rest of the Latin American region in the modality of payment between individuals (P2P) and one in four recognizes use mobile payment in physical stores, although this last modality is less than that of the region as a whole, added.
One of the main barriers on the part of Peruvians is the feeling of mistrust, followed by the lack of acceptance in shops, he stressed.
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