According to the Instituto Peruano de Economía (IPE), 60% of people in Lima now use digital payment apps. Even in regions like Junín and Madre de Dios, adoption rates have climbed to nearly 40%, a remarkable leap from near-zero levels just four years ago. This digital leap is part of a broader national trend toward financial inclusion, with Arequipa, Ica, and Lambayeque also reporting over 50% adoption.

Interoperability: The Game-Changer

The success of this transformation is rooted in a single concept: interoperability. The ability of digital wallets and banking platforms to communicate seamlessly has eliminated friction and boosted trust among users.

As Ricardo Pacheco, CEO of Tupay, a leading Peruvian paytech, notes:

“Interoperability has been a turning point. It improves user experience and breaks down barriers across platforms.”

A Diverse Paytech Ecosystem

More than 100 payment solutions are now operating in Peru, including digital wallets, challenger banks, and open finance platforms. Of these, over 70% are affiliated with Capece, the Peruvian Chamber of E-Commerce, which has become the most representative voice in the sector.

Capece also reports that in the last four years, over 48 new payment providers—both B2C and B2B—have entered the market, offering everything from real-time payments to integrated financial services.

This wave of innovation is not only intensifying competition but also democratizing access to financial tools across all socioeconomic levels.

Peru in the Global Context

Globally, the shift to a cashless society is well underway. Paymentology projects that the volume of cashless payments will grow by over 80% between 2020 and 2025, with real-time payments expected to reach US$193 billion by 2030.

In this context, Peru is positioning itself as a regional leader, boasting 18 million mobile wallet users and over 15 million digital transactions per day. That puts the country among the most dynamic paytech markets in South America.

What It Means for Brands and Marketers

The rise of paytechs is more than just a fintech story—it’s a marketing story. For brands operating in Peru (or planning to enter), this shift means:

Mobile-first strategies are no longer optional: Consumers expect seamless digital experiences—both for purchasing and paying.

Trust is the new currency: With so many solutions on the market, branding and UX design are key differentiators.

Data-driven personalization is the next frontier: Digital transactions offer a goldmine of behavioral data for marketers.

Brand partnerships with paytechs can enhance loyalty, offer exclusive perks, or even facilitate new revenue streams.

Looking Ahead

The challenge now is sustainability and reach. As Ricardo Pacheco points out:

“We’re at a decisive moment. The goal is to build an inclusive, user-oriented, and sustainable payments ecosystem that truly reaches every corner of the country.”

With the right mix of policy, innovation, and strategic branding, Peru’s paytech revolution could serve as a blueprint for other emerging markets worldwide.

Source: gestion.pe