Peru accelerates digital payment adoption

Peru is experiencing a significant shift toward digital payments, reducing the reliance on cash in daily transactions. According to Paul Castillo, general manager of the Central Reserve Bank of Peru (BCRP), cash usage for everyday purchases has dropped from 95% five years ago to 64% currently.

Peruvian citizens now perform an average of 767 digital payments per year via mobile banking, digital wallets, and cards, a substantial increase from the 50 annual operations recorded in 2019. This growth places Peru among the top three countries in the region for digital payment adoption. A key driver of this trend has been interoperability, which began in March 2023 when the BCRP enabled major digital wallets like Yape and Plin to connect with one another.