Shift In Payment Ecosystem Of Peru: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit In the past few years, Peru has been identified as a pioneer in financial inclusion due to its regulatory framework and policy formation. The Peruvian government considers financial inclusion as a key driver for growth in the economy and thus has put financial inclusion as one of its priority under its socio-economic inclusion objective. This path shall not only lead to financial inclusion but also eradication of poverty and reduction of the income inequality. According to the study, ‘Payments Landscape In Peru: Opportunities And Risks To 2021’, To promote safe and efficient payment mechanism, the multi sector committee for financial inclusion approved the plan of National Strategy of Financial Inclusion containing methodologies and mechanisms that shall be followed. Traditionally, financial inclusion in Peru has been significantly low due to history of economic instability characterized by high inflation which started in the late 70s and lasted for nearly two decades. The effect of this instability can be witnessed in the present time when only a small fraction of the population have bank accounts and even fewer people who save their money in forms of financial instruments. However, stability has been witnessed in the recent times requiring government to further promote the concept of cards and alternative payment solutions. In accordance with the government initiative to promote financial inclusion, it launched a fully interoperable payment platform BiM in coordination with Bankers’ Association Peru, the International Finance Corporation and Better than Cash Alliance. This initiative was taken via a public private partnership with a new legal entity Modelu Peru. The MiB is an interoperable white label retail payment product which aims to allow multi FSP interoperability for financial services. Modelu Peru’s technology has been deisgned by Ericsson whih aims to bring 34 financial institutions to connect to a single digital payment platform. The service is available is available via three telecom networks and can be accessed via any basic mobile device. Mib can be used for a variety of services like for opening a bank account, transfer of fund or make utility payments. With huge number of users using this ervice to make digital payments, MiB is increasing the number of users every month. In 2015, mobile operator, Movistar and Mastercard partnered to launch a digital payment service called Tu Dinero Movil. The service is exclusive to Movistar’s customers enabling them to conduct digital transaction such as payments at Mastercard affiliated merchants and mobile recharges. E commerce segment is currently booming in Peru. Medium and Large enterprises are launching online stores and marketplaces. In April 2018, online shopping mall, Lumnigo commenced operations offering variety range of products and services. These e – malls are a one stop for millions of small retailers which enables them to expand their region. Some products that are available one these e – malls are furniture, clothing, fashion apparels, medicines, digital devices that too from various websites available on one platform. To benefit from this growth in the E commerce segment, providers are coming up with new services. For instance Visa offers Visa Checkout that allow users to make convenient payments via their username and password and similarly, PayPal offers One Touch for faster checkout. Some of the players in digital payment space are Banco de Credito del Peru, BBVA Continental Scotiabank, Interbank, Banco Falabella, Banco Ripley, Banco Cencosud, Banco Financiero, Visa, Mastercard, American Express and Diners Club The growth prospects for this sector are bright in the future provided the private users are able to build their faith in the digital transaction model. This trust can be generated via constant government support and initiatives that lead to higher acceptability in the long run. To know more, click on the link below: https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/payments-landscape-peru/150982-93.html Related Reports by Ken Research https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/payments-landscape-south-korea/150793-93.html https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/payments-landscape-israel-opportunities/150792-93.html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications sales@kenresearch.com +91-9015378249 Tags: Cards and payments industry in Peru, Payment Ecosystem Of Peru, Peru Cards payment Industry Analysis, Peru Cards payment Market Growth, Peru Cards payment Market major players, Peru Cards payment Market Research, Peru Cards payment Market Revenue, Peru Cards payment Market Share, Peru Cards payment Market Size, Peru Debit card payments industry, Peru Ecommerce payments industry