Reasons for Popularity

Reasons for Popularity

Accessibility: The network is designed to enhance financial accessibility, especially in areas where traditional banks are less available. This is crucial for residents in remote locations and urban areas alike

Diverse Services: KasNet offers over 49 different services, including payments for utilities and other essential transactions, making it an attractive option for everyday financial needs

Reasons for Popularity

Financial Inclusion: With a large segment of the population lacking access to traditional banking services, interbank cash payments provide an alternative that bridges this gap

Security and Trust: Many consumers in Peru continue to prefer cash due to concerns about online transaction security

Reasons for Popularity

Accessibility: With a considerable portion of the population lacking access to banking services, cash remains an essential payment method for many

Integration with Digital Systems: BCP has integrated cash payment options with its digital platforms, allowing users to transition smoothly between cash and digital payments when necessary

Reasons for Popularity

As part of the Scotiabank Group, it benefits from international reach and expertise

Growing E-commerce: As online shopping increases, so does the need for reliable payment methods. Cash payments provide a bridge for those who may not have access to credit cards or bank accounts but still wish to engage in e-commerce

Reasons for Popularity

Integration with Local Payment Systems: BBVA’s collaboration with local payment systems enhances its service offerings, making it easier for users to conduct transactions in a familiar manner

Gradual Transition to Digital Payment Methods: Cash remains a dominant form of payment as consumers adapt to new technologies at their own pace

Reasons for Popularity

Convenience: The ability to pay at physical locations using cash offers a straightforward solution for those who may not be comfortable with or have access to digital payment methods. Locations such as convenience stores and supermarkets facilitate these transactions

return to all countries

Peru

Top e-commerce industries
24.6%
Electronics
20.6%
Hobby & Leisure
21.5%
Fashion
Furniture & Homeware
Care Products
DIY
Grocery
Lima
Capital
18.5M
Population
-5
Time Zone (GMT)
PEN
Currency
Peruvian sol
$22.9B
Transactions
value in 2028
6.7%
CAGR
of Digital Payments
during 2024-2028

Popularity of e-commerce payment methods

Bank Transfer
20%
Buy Now Pay Later
1%
Cash-in
6%
Credit Cards
31%
Debit Cards & Prepaid Cards
21%
E-wallet
11%
Mobile Money
11%
Others
11%

Extend your reach

BCP, Interbank, BBVA, Caja Arequipa are leading banks in Peru with a vast international and local expertise.

Method
Bank Transfer (PE)
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Bank Transfer
Local Card Scheme
Users
11M
Disbursements
Yes
Yes
Chargebacks
$25.00
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Agente KasNet functions as a multi-bank correspondent, enabling customers to conduct various banking operations such as bill payments, money transfers, and cash withdrawals at local businesses like bodegas, pharmacies, and other commercial establishments.

Method
KasNet
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Interbank cash payments represent a vital component of Peru's financial landscape. They cater to both urban and rural populations by offering a secure, efficient means of transferring funds while promoting greater financial inclusion across the nation.

Method
Interbank
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Banco de Crédito del Perú (BCP) is a leading financial institution in Peru, offering a variety of payment methods, including cash payments. Despite the growing trend towards digital transactions, cash payments remain significant due to cultural preferences, trust issues with online transactions, and limited banking access for many consumers.

Method
BCP
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

The system allows consumers to make online purchases by generating a unique code for their transaction, which they can then pay at designated physical locations such as banks and convenience stores. Once the payment is confirmed, the e-commerce site processes the order, making it a secure option for consumers who prefer cash over digital payments

Method
Scotiabank
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

As of the end of 2023, BBVA served over 8 million customers in Peru, reflecting its extensive reach and the popularity of its services, including cash payments. The bank's approach focuses on meeting diverse financial needs, which includes catering to those who prefer cash transactions.

Method
BBVA
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No

Tambo is a Peruvian store chain offering an alternative payment method that allow users to conduct online transactions using cash. This system involve purchasing payment vouchers or codes with cash, which can then be used for e-commerce.

Method
Tambo
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full and partial refunds (automated)
Type
Cash-in
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
PEN
Authorization
speed
Instant
Recurring
No
No