Fpay selects Inswitch to enhance payment capabilities in Peru

By Edlyn Cardoza

Inswitch is a global embedded financial technologies company focused on solutions for banking and payments, and Fpay, the digital payment solution of the Falabella Group, announced that they are working together on projects that enhance their payment capabilities in Peru, with the aim of rapidly expanding to new vital markets in LatAm.

Currently, Fpay deploys the cash top-up of its wallet to all people in Peru, regardless of whether they have a credit card or bank account, so that they can have a digital payment method through QR payment from the cell phone, pay in e-commerce, transfer directly to contacts and access a program of benefits and discounts. Inswitch, on the other hand, makes an efficient ecosystem and payment network available within the Fpay application to ensure seamless money-loading experiences with high volumes of payment processing through extended local coverage.

Ronald Alvarenga, CEO of Inswitch, indicated that Inswitch “supports companies to digitize their financial services; for this we provide, on the one hand, the infrastructure of “multiple rails” in order to accelerate the coverage of payments for e-commerce, while in parallel, we make it possible to expand the business to new markets, and innovate (beyond payments) with a wallet platform and transactional banking completely in the cloud, flexible and available through APIs and microservices, enabling any business to create and launch financial services quickly, reliably and globally.”

In this way, Fpay will have the experience of recharging cash to its wallet through Inswitch and its local networks in Peru to give its customers the possibility to access the merchants and benefits that it already offers today.

“Having Inswitch’s ecosystem and recharge service in Peru will allow us to fulfill our purpose: ‘simplify payments for all Peruvians’, strengthening our value proposition and contributing to financial inclusion through our digital payment solution, which is simple and secure. By recharging the Fpay App with cash, anyone can transfer money to their cell phone contacts; pay with QR code in the associated stores; as well as access to discounts and benefits such as the CMR Points program,” said Adolfo Pittaluga, CEO of Fpay.