Peru
Peru, a South American country with a population of approximately 34 million people, has a diverse and growing economy supported by natural resources, strong institutions, and increasing digital innovation. The country is known for its political stability, trade-friendly policies, and emerging fintech ecosystem, making it a promising destination for investment, e-commerce, and international commerce.
Peru’s economy is driven by mining, agriculture, manufacturing, fisheries, and services, with copper, gold, zinc, coffee, and seafood as key export commodities. The services sector, including finance, tourism, digital payments, and e-commerce, plays an increasingly important role in economic growth and financial inclusion. The country has made notable progress in developing its digital payment infrastructure, including mobile wallets, APMs, online banking, and fintech platforms, facilitating smoother e-commerce, domestic transactions, and cross-border payments.
As a member of Pacific Alliance and trade agreements with China, the United States, and the European Union, Peru benefits from regional and international trade, supporting foreign direct investment (FDI) and export growth.
Peru has shown resilience after COVID-19, with economic growth of 3.9% in 2022 and 3.4% in 2023, driven by mining exports, domestic consumption, tourism, and adoption of digital payments. Growth is expected to stabilize around 3.0% in 2024, influenced by global economic fluctuations and commodity price changes.
Inflation averaged 3.8% in 2023, with the Central Reserve Bank of Peru implementing monetary policies to maintain stability. Unemployment remains moderate at around 6.2%, supported by expansion in fintech, e-commerce, and digital payment platforms.
Peru prioritizes fiscal responsibility, sustainable development, and investment in infrastructure, education, healthcare, and renewable energy. The country is investing in solar, hydro, and wind energy, positioning it as a leader in green growth and sustainable economic development in the region.
Digital payments and e-commerce are rapidly expanding, with platforms like PagoEfectivo, Niubiz, and fintech apps enabling secure transactions, cross-border commerce, and financial inclusion.
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 conveniently made in cash through PagoEfectivo, a popular alternative payment method (APM). Customers can select items in an online store and receive a PagoEfectivo payment code (CIP code), which can be paid via bank accounts or affiliate locations such as Western Union, BCP, Banco de Credito, and other local partners.
Cash remains a dominant payment method in Peru, accounting for 41% of all transactions. Travelers can exchange money at Casa de Cambio, often at fair rates, or use ATMs, which typically charge a withdrawal fee of 5-10 Soles for foreign cards. It’s recommended to check if your bank waives these fees. For airport taxis, small US dollar notes are preferred, while exchanging larger amounts in the city often yields better rates.
For international money transfers, services such as Western Union, MoneyGram, Wise, Xoom by PayPal, and Remitly are widely used, with funds available for pickup upon arrival in Peru.
E-commerce in Peru is growing rapidly, particularly among consumers aged 18-34, who made up 54% of online shoppers in 2021. Social commerce is thriving, with Facebook and WhatsApp emerging as key channels for online shopping, emphasizing the role of social media marketing in Peruvian e-commerce.
The country is also adopting digital payments, mobile wallets, and fintech solutions, making online transactions more secure, convenient, and accessible. Businesses operating in Peru should integrate PagoEfectivo, cash, APMs, and digital wallets to capture the growing e-commerce and social commerce market.
American Express (AMEX)
American Express (AMEX) is a widely accepted global payment method, used in over 130 countries with more than 100 million cards in circulation. AMEX cardholders spend on average 3-4 times more than Visa and Mastercard users, making it a top choice for premium businesses, luxury brands, and high-value e-commerce transactions.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
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
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 in Peru accept card payments, and some may impose a minimum purchase amount for card transactions. While credit cards and debit cards are commonly used, it's recommended to check with local vendors for acceptance or have alternative payment methods on hand.
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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