Peru aims for its own Pix
Peru is developing an instant payment platform based on cell phone numbers, in an adaptation of Brazil’s Pix model that is slated for implementation in 2023, said Martín Santa María, chief executive officer of the country’s Electronic Clearing House (CCE).
Demand for instant bank transfers has exploded, with volumes increasing 19-fold in the last two and a half years, leading CCE to look at ways to expand the system’s capabilities, Santa María explained at the event ‘30 Minutes Towards The Regulatory Future of Peru‘ this week.
The event was hosted by iupanaPro, our specialized service for digital finance regulation. Next year, the country’s payment system is expected to allow P2P transfers with cell phone numbers, payments to merchants with QR codes, and improvements in cross-border payments, among other changes. Another important step will be the system’s interoperability.
Read the highlights of the exclusive conversation here.
BNPL: Santander and Falabella see potential
Banco Santander and Falabella Financiero are among the regional players eyeing the buy now, pay later (BNPL) credit model, which they say has the potential to continue growing in LatAm and generate income for lenders.
“The product itself is a credit alternative,” said María Eugenia Díaz, corporate leader of BNPL at Falabella Financiero. “It’s a product that has been sustainable and
profitable. What’s different about it is that we are where the client needs credit”.
The risks associated with BNPL have been under discussion after leading fintechs in the segment such as Klarna and Affirm saw their market valuation collapse earlier this year. Traditional banks had previously shown modest interest in the product, preferring to offer other sorts of point-of-sale lending, such as interest-free credit card purchases for cardholders.
“The bank generates earnings, the merchant receives benefits as a result of the agreement, and the client receives its benefits,” said Daniel Hoyos,
director of strategy and business at Banco Santander in Colombia. “In the end, the product can be sustainable and I would dare to say it can be absolutely profitable.”