3 FinTech companies in Peru boosting the payments landscape

By Leandra Monteiro

FinTech’s role in society is becoming more vital than ever. FinTech can be used anywhere, by anyone meaning it becomes accessible to people who may never have taken advantage of financial services before. Through access to essential financial services such as mobile money and e-wallets, FinTech companies are helping lift people out of poverty and create a more financially inclusive world.

A clear example in the Latin American region is the Peruvian market. The advancement of smartphone penetration and the use of digital services by a rising number of populations is pushing for technological entrepreneurship that provides innovative financial products and services.

Below are 3 FinTechs in Peru boosting the financial services industry:

• Chaty

Chaty provides online conversational payment solutions for businesses and consumers. Users can generate links and request payment through social media platforms like Facebook, WhatsApp, Instagram, and more. It enables users to pay through debit and credit cards.

• Izipay

Izipay is a Peruvian company that offers innovative payments products and services. It is a POS company that offers sales services through debit, credit, and prepaid cards.

Merchants can enable their smartphone as mPOS by installing mPOS software. It accepts all cards like debit and credit. It accepts payments in installments. The money received is directly transferred to the merchant’s account. The user receives vouchers by SMS and mail.

• Yape

In 2017, Banco de Crédito del Perú launched the digital payments app Yape. It is a mobile application for making payments wherein users can both send and receive financial transactions. Yape is among the first and largest payment apps in all of Peru; with more than 10 million users and more than 2 million affiliated businesses nationwide.