Minka, GMoney, and Globokas expand instant payments in Peru

This new alliance is created to impact a market that currently moves more than USD 390 billion a year according to a report from the Central Reserve Bank of Peru.

The solution will allow different Peruvian companies to initiate and complete payments in real time through the four main payment systems: Interbank Transfers (CCE), PLIN, YAPE, and BIM.

Officials from Minka said their vision is to lead the Peruvian market in Open Banking services by offering a comprehensive API for fintechs and companies that wish to offer real-time payment and collection services to their users.

Digital wallet adoption in Peru

A study by Kantar, which highlights the growing importance of digital wallets (DB) in the daily lives of Peruvians, reported a notable adoption of 76% and a recognition of 96% of digital wallets in the country. Despite these indicators, challenges persist related to the inclusion of independent means of payment in the system to promote financial freedom.

Representatives from Globokas said the Interoperability initiative will allow their clients to access multiple payment methods immediately through their network of correspondent agents, improving the user experience and contributing to financial inclusion in Peru.

Fintech companies reaffirmed their commitment to the vision of open and barrier-free payments that contributes to the interoperability objective established by the Central Reserve Bank of Peru (BCRP), in its Circular No. 0024-2022-BCRP, to accelerate the adoption of digital payments in the country.

Also commenting on this partnership, the GMoney team said that being among the first non-banking companies to connect to the CCE and operate through the BCRP is a milestone in terms of interoperability in the country. Through their rails, fintechs will be able to interoperate with the Peruvian financial system, using only a phone number, and in real time.

This alliance directly benefits users, providing them with immediacy and security in their transactions between bank accounts and the main wallets in Peru.