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Peru’s Yape and TerraPay to accelerate digital remittances

By Gloria Mathias

October 31, 2024

  • Chile
  • Digital Payments
  • Digital Remittances
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Yape, FinTech News, FinTech Solutions, Terrapay, Digital Payments, Remittances, Spain, Peru, USA, Latin America, TerraPay, a global money movement company, has partnered with Yape, the superapp of Peru, to promote financial inclusion and accessibility.

This collaboration will enable all participating partners in the Terrapay Global network to send seamless international money transfers directly to Yape users. This will allow them to instantly access their funds and take advantage of a wide array of financial services within the app.

With a population of 32 million, Peru has become a significant player in the remittance landscape, receiving $4,446 million in remittances in 2023. The demand for efficient and user-friendly financial solutions is paramount, especially among the unbanked, which accounts for approximately 40% of the adult population in Peru.

The key benefits of the partnership are:

  • Immediate Access: Yape users will no longer need to visit physical branches to receive international transfers, making the process more convenient and efficient.
  • Diverse Functionality: Users can immediately utilise the received funds across various app features, promoting a cashless economy and fostering greater financial inclusivity.
  • Enhanced User Base: Over 5 million Yape users who previously did not have access to the BCP financial system will benefit significantly from this initiative, highlighting the transformative impact of digital wallets in underserved communities.

“By collaborating with TerraPay, we are not just improving the remittance process; we are enhancing the overall financial experience for millions of Peruvians,” said Carolina Arbulú, Head of Payments Products of Yape. “This partnership empowers users, especially those who have historically lacked access to banking services, to receive and utilise their money instantly, thereby integrating them into the digital economy.”

Ambar Sur, CEO of TerraPay, stated, “This partnership is a significant step towards achieving our vision of connecting a borderless financial world leveraging digital wallets. By partnering with Yape to become a member of our global digital wallet network, we are not only facilitating easier remittance solutions but also empowering millions of individuals to take part in the global economy.”

The collaboration will cover all regions of Peru, allowing users to benefit from cross-border remittances originating from TerraPay’s extensive sender network, which encompasses nearly all countries. Key corridors for remittances include Chile, the USA, and Spain, which are critical to supporting the financial needs of Peruvian families and communities.

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