Peru
Peru is the fifth-largest online market in Latin America and has seen a significant increase in internet users in recent years. However, a large percentage of citizens remain unbanked, with only 47.9% of the adult population having bank accounts in 2019. Credit cards are widely accepted in major Peruvian cities for purchases such as hotel and restaurant bills, supermarkets, and tours booked with larger tour operators. However, cash is still the preferred method of payment for small transactions such as taxi fares, entrance fees, and purchases in small shops and markets. It's important to have enough coins and bills in small denominations, as well as an ID or passport on you as it might be checked. In remote areas, credit card usage might be difficult or impossible, so it's important to plan accordingly. Only 46% of the population has a bank account and 13% a credit card. Visa is the most popular card brand, with 53% of the card market, followed by Mastercard with 33% and American Express with 1%. 14% of online card payments are made with localised credit cards issued by the global brands Visa, Mastercard and American Express but restricted to domestic use. In 2019, among selected Latin American countries, Peru reported an average of 49 U.S. dollars of point-of-sale (POS) transactions. If you open a bank account in Peru, you will likely receive a local credit card that can only be used within the country and not on international websites. It's possible to receive a credit card with international coverage, but not as common. Therefore it's important to consider this when planning your trip to Peru.
Top banks
Banco de Crédito del Perú
Banco de Crédito del Perú is the largest bank and the largest supplier of integrated financial services in Perú with approximately US$39 billion in total assets and a market share of 30.4% in total loans and 33.5% in total deposits.
BBVA
BBVA Perú (formerly BBVA Banco Continental) is a Peruvian bank and subsidiary of Holding Continental (an affiliate of BBVA) which holds 92.08% of its equity.
Scotiabank
Scotiabank Peru attracts deposits and offers retail and commercial banking services throughout Peru. The Bank offers financial services to individuals, small businesses, and corporations including credit cards, lease financing, insurance, and loans.
Banco Internacional del Perú Service Holding S.A.A.
Interbank provides ATM services under the GlobalNet brand which accept debit and credit cards from around the world, as well as permitting cash deposits. Interbank also provides change machines which exchange notes for coins.
Santander LATAM
South America serves individual and business customers through our presence in Brazil, Chile, Argentina, Uruguay, Colombia and Peru, providing us with a strong position and widespread presence in the region. Comprised of large economies and major portions of the population that are still unbanked, the region has great growth potential. In view of this scenario, we remain focused on expanding, sharing positive experiences from each country and delivering profitable growth, backed by (i) a sustainable increase in our customer base, prioritizing long-lasting relationships with customers by offering suitable services and continuously improving our customer support with creative solutions; (ii) unyielding pursuit of operational excellence through process reviews and digitalization; and (iii) strict risk management, always maintaining our loan quality indicators under control.
Banco GNB
Banco GNB Sudameris is an organization that has a history of more than 100 years in the Colombian financial market, and is recognized as one of the entities with the best performance in the Colombian financial market. Its presence in Peru and Latin America demonstrates its interest in exploring new markets and expanding its operations throughout the region. In our country, Banco GNB offers a complete range of products and services for Personal Banking and Business Banking, with a personalized and qualified service proposal.
Top payment methods
In Peru, online payments can be made in cash through PagoEfectivo. This method allows customers to choose items in an online store and pay with PagoEfectivo, which generates a payment code (CIP code) that can be paid through a banking account or affiliate stores such as Western Union, BCP, Banco do Credito, etc. Additionally, money can be sent through services such as Western Union, MoneyGram, Wise, Xoom by PayPal, Remitly, and picked up upon arrival in Peru.
Cash is still a popular method of payment in Peru, accounting for 41% of all transactions. When arriving in Peru, money can be exchanged at Casa de Cambio, which offers fair rates, although they may be slightly lower than on the street. ATMs in Peru charge a withdrawal fee when using a foreign card, often around 5-10 Soles.
It's best to check with your bank back home to see if they waive the fee.It's also possible to pay taxis from the airport to town in US dollars, but it's recommended to have small notes for this purpose. Once in the centre, larger amounts can be exchanged for better rates.
In Peru, e-commerce has become increasingly popular among consumers of all ages. However, in 2021, a majority (54%) of e-commerce users in the country were between the ages of 18 and 34. This age group also represents the largest share of Facebook users in Peru. As a result, Facebook and WhatsApp have emerged as leading online shopping channels for Peruvians, highlighting the importance of social commerce for the country's e-commerce market. This trend is likely to continue, as more and more people in Peru turn to social media for shopping, connecting and communicating.
American Express
Accepted in more than 130 countries and with over 100 million cards inuse, American Express (AMEX) is a relevant payment method worldwide. AMEX cardholders spend on average three to four times more than Visaand Mastercard cardholders, making it of particular interest to premium and more sophisticated businesses.
Visa
Visa is the world's largest global card network by transaction value, ubiquitous worldwide. Visa positions itself as "the best way to pay and get paid by everyone".
Mastercard
As one of the largest card brands in the world, Mastercard dominatesthe co-branded card market in Europe. It is also the leader incountries like Austria, Brazil, Canada, Colombia, Germany, Hungary, Venezuela, and in the Benelux among others.
PagoEfectivo
PagoEfectivo is a voucher-based payment method that provides an alternative to credit and debit cards for online transactions. Launched in 2009, it was a subsidiary of El Comercio Group, the largest media conglomerate in Peru, until 2021 when it was acquired by Paysafe for US$108 million.
Concluding remarks
There are 5 payment methods in Peru:
Cash
While the use of cash has been declining in Sweden, it is still accepted in many places,especially for small transactions. However, it's worth noting that some businesses, particularly inlarger cities, have transitioned to cashless operations.
Credit and debit cards
Visa, Mastercard, and American Express are widely accepted credit and debit cards in Peru. However, not all businesses accept cards and some may have a minimum purchase amount for card transactions.
Mobile payments Peru
Mobile payments are becoming increasingly popular in Peru, with apps like MercadoPago and BCP allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Peru, particularly Bitcoin.
PagoEfectivo
PagoEfectivo is a common method of payment in Peru, where you can pay in cash directly to a bank account.
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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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