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 (BCP) is the largest bank in Peru and a top provider of integrated financial services. With approximately US$39 billion in total assets, BCP holds a 30.4% market share in total loans and 33.5% in total deposits. The bank offers a wide range of retail, corporate, and investment banking services, including savings accounts, loans, credit cards, digital banking, and wealth management solutions, serving individuals, SMEs, and large corporations across Peru.
BBVA
BBVA Perú (formerly BBVA Banco Continental) is a major Peruvian bank and a subsidiary of Holding Continental, which owns 92.08% of its equity. The bank provides a wide range of retail, corporate, and investment banking services, including loans, savings accounts, credit cards, and digital banking solutions, serving individuals, businesses, and institutions across Peru.
Scotiabank
Scotiabank Peru provides comprehensive banking solutions, attracting deposits and offering retail and commercial banking services across the country. The bank serves individuals, SMEs, and corporations, delivering financial products such as credit cards, loans, insurance, and lease financing, ensuring secure and convenient banking throughout Peru.
Banco Internacional del Perú
Banco Internacional del Perú Service Holding S.A.A. (Interbank) offers extensive banking services in Peru, including ATM access through the GlobalNet network, which accepts debit and credit cards worldwide and allows cash deposits. Interbank also provides currency exchange machines for converting notes into coins, ensuring convenient and secure banking solutions for personal and business customers.
Santander
Santander LATAM is a top financial institution in Latin America, serving key markets including Brazil, Mexico, Chile, Argentina, Colombia, Peru, and Uruguay. The bank offers comprehensive banking solutions such as personal banking, business banking, corporate banking, investment services, and digital banking. With a focus on financial inclusion, innovation, and customer-centric solutions, Santander LATAM strengthens economic growth and provides secure, convenient, and accessible banking services across the region. Trusted by millions of customers, Santander LATAM combines digital transformation, sustainable banking, and advanced financial solutions to meet the evolving needs of individuals and businesses in Latin America.
Banco GNB
Banco GNB Sudameris Peru is part of a leading Latin American financial group with over 100 years of experience in the banking industry. Building on its strong foundation in Colombia, the bank has expanded into Peru to offer a full range of personal and business banking services. With a focus on innovation, trust, and customer satisfaction, Banco GNB Sudameris Peru provides tailored financial solutions designed to meet the evolving needs of individuals and companies across the country.
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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