Report of the National Payment System and the Fintech Sector in Peru

SEPTEMBER 2026

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REPORT OF THE NATIONAL PAYMENT SYSTEM AND THE FINTECH SECTOR IN PERU SEPTEMBER 2026

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REPORT OF THE NATIONAL PAYMENT SYSTEM AND THE FINTECH SECTOR IN PERU – SEPTEMBER 2026

TABLE OF CONTENTS

PROLOGUE ........................................................................................................................ 5 SUMMARY ........................................................................................................................ 6 I. NATIONAL PAYMENT SYSTEM ........................................................................ 8 A. General evolution of digital payments .............................................................. 8 B. High Value Payments ............................................................................................. 10 C. Low Value Payments ............................................................................................ 13 Intrabank transfers ............................................................................. 13 Interbank transfers ............................................................................. 14 Payment cards ................................................................................................. 15 Electronic money ............................................................................................... 17 Other payment instruments ................................................................................ 18 D. Interoperability of retail payments................................................................. 20 E. Regulation, supervision and promotion .................................................................. 23 New BCRP regulation ................................................................................ 23 Monitoring of Key Performance Indicators of interoperable payments ... 25 Compliance with BIS-IOSCO Principles ............................................................. 27 Registries and authorizations .................................................................................. 28 Payment instrument commissions ................................................................. 29 Dissemination ............................................................................................................... 30 F. Strategic initiatives of the BCRP........................................................................ 31 BCRP Retail Payments Platform ......................................................... 31 Digital Money Innovation Pilot ................................................................ 33 G. Special topics of interest ............................................................................... 35 II. FINTECH SECTOR ............................................................................................. 41 A. Currency Exchange ........................................................................................... 42 B. Financing .................................................................................................... 46 C. Capital market .......................................................................................... 55 D. Fintech regulation and financial innovations .............................................. 57

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Boxes Box 1. Expansion of payments with alias................................................................18 Box 2. New regulatory architecture of the National Payment System...................24 Box 3. Authorization and registration procedures of the General Regulation of the National Payment System.............................................................................................28 Box 4. Adoption and intensity of use of digital payments by the banked population: evidence from ENAHO ......................................................................................35 Box 5. Agentic payments: when intention is delegated to artificial intelligence.............................................................................................................................38 Box 6. Innovations in cross-border payments: Nexus Project...........................40 Box 7. Recent development of financial participatory financing in Peru......48 Box 8. Advances in the implementation of the open finance system in Peru .........................................................................................................................................57

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PROLOGUE

The Central Reserve Bank of Peru (BCRP), in its role as rector of the National Payment System (NPS), ensures that said system operates in a secure, efficient, interoperable and transparent manner, promoting competition and innovation. A robust NPS is essential for the efficient functioning of financial markets and for the monetary and financial stability of the country.

In line with its mandate, the BCRP continuously monitors the evolution of the NPS, which allows it to evaluate the innovations that companies in this sector are implementing in the country, and adapt its regulation for their better development. Likewise, it observes the development of the Fintech sector, recognized for its constant innovation in the provision of financial services.

As a result of this analysis, the BCRP prepares and publishes the Report of the National Payment System and the Fintech Sector in Peru, which in this edition uses information updated as of June 2026. This document provides a detailed view of the evolution and trends of the National Payment System and the Fintech sector in the country.

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SUMMARY

1. Digital payments, measured by the Digital Payments Indicator (DPI), continued to expand during the first half of 2026 and exceeded, for the first time, two daily payments per adult, reaching, in June, 767 operations per person in the last twelve months. In said period, the number of DPI operations grew 37.2 percent compared to the similar period of 2025, reflecting the dynamism of low value payments. This dynamism is explained mainly by the greater use of immediate payments, mainly payments with alias, and debit cards. The reduction of average values per operation in these instruments suggests a more frequent use for everyday and lower amount payments.

2. The advance of digital payments is being driven by the BCRP Interoperability Strategy. In the first half of 2026, an average of 271 million interoperable transactions were carried out monthly, 57.4 percent more than in the similar period of 2025. Phase 1 concentrated 71.2 percent of interoperable operations, Phase 2 represented 27.3 percent and showed greater dynamism, while Phase 3 expanded interoperability towards electronic money issuers and users without bank accounts. 1

3. Between 2018 and 2025, the use of digital payments expanded significantly among the banked population. According to ENAHO, the proportion of banked people who make digital payments increased from 20 to 57 percent, while the percentage of those who buy exclusively with cash was reduced from 70 to 43 percent. Likewise, the average number of spending categories paid digitally rose from 3.7 to 4.7, reflecting a greater incorporation of these means of payment in daily transactions. However, the adoption of digital payments continues to be heterogeneous among different segments of the population, mainly according to educational level, age and geographic area. In 2025, it reached 70.5 percent among people with university education and 60.2 percent in urban areas, compared to 26.6 among people who have only primary education and 32.3 percent among residents of rural areas. These results evidence a sustained advance in the digitization of payments, although important adoption gaps persist among different segments of the population.

4. The BCRP has strengthened the regulatory framework of the National Payment System (NPS). In April the General Regulation entered into force and in July the Regulation of the Immediate Payment Service with Alias was published. Likewise, the BCRP is working on regulatory proposals on payment acceptance and use of QR codes, with the objective of consolidating a more functional, coherent and adaptable regulatory architecture to the evolution of the ecosystem.

5. As part of its supervisory function, the BCRP monitors the Key Performance Indicators (KPI) of interoperable services —referring to availability, recovery, performance and effectiveness. In the analysis period, said indicators remain, on average, above the minimum regulatory thresholds. Additionally, the 2025 Annual Self-Assessment of compliance with the BIS-IOSCO Principles by the main infrastructures of the NPS evidenced a high degree of adoption of said principles. Both results reflect that the NPS has reached high levels of service quality, operational continuity, and resilience, which fosters confidence in digital payments.

6. The BCRP Retail Payments Platform, called Peruvian Automatic Payment Transfers (TAPP), constitutes a strategic initiative aimed at expanding the capabilities of the National Payment System. Inspired by UPI from India, TAPP will enable an immediate payment scheme based on payment initiation, promoting new providers, greater specialization of roles, competition, innovation and efficiency. The project advances by phases and contemplates a controlled pilot prior to its gradual deployment.

7. The Digital Money Innovation Pilot continues to generate evidence on the adoption and use of digital payments in regions of low banking. As of June 2026, the Aggregate Digital Money Account registered S/ 12.2 million, while BiPay reached more than 5.2 million users at the national level and 1.3 million in the eight prioritized regions. Although it operates under a closed and non-interoperable scheme, the pilot shows advances in adoption and effective use. It should be noted that BiPay obtained the organization license as an Electronic Money Issuing Company (EMIC) and is in the process of obtaining the operating license, which would allow ensuring the continuity of the service to its clients once the pilot is concluded.

8. The Fintech sector continued to expand and diversify its services, supported by greater technological integration and the development of more specialized digital solutions. Advances were observed in segments such as currency exchange, participatory and non-participatory financing, and investment through digital platforms, highlighting the incorporation of artificial intelligence tools, biometrics, digital authentication and integrations via API to improve the user experience, strengthen risk management and expand access to financial products. In the regulatory sphere, the SBS is advancing with the first two phases planned in the Roadmap for the implementation of the Open Finance System, while the SMV granted new authorizations in the financial participatory financing market.

1 Phase 1 was implemented in March 2023 and made interoperability between Yape and Plin mandatory; phase 2 began in September 2023 and incorporated other digital wallets, transfers with alias through mobile banking and the reading of QR codes; and phase 3 included electronic money from December 2023.

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I. NATIONAL PAYMENT SYSTEM 2

A. General evolution of digital payments

1. Digital payments continued to expand and, for the first time, exceeded two daily payments per adult. The Digital Payments Indicator 3 (DPI) reached 767 payments per capita in the twelve months ended in June 2026, equivalent to an average of 2.1 daily digital payments per adult in the country. This growth was driven mainly by payments with alias, whose payments per capita reached 575 operations, that is, 1.6 daily payments per adult. As a result, payments with alias significantly increased their participation within the DPI, going from representing around 2 percent of the total in 2019 to concentrating 75 percent in 2026.

Graphic 1 Number of digital payments per capita 1/

Year	Alias (payment with cell phone number or QR)	Cards	Others	DPI 2/
2015	45	46	29	60
2016	55	54	29	146
2017	71	83	32	303
2018	88	87	38	489
2019	97	95	50	575
2020	-	-	55	-
2021	-	-	90	-
2022	-	-	151	-
2023	-	-	256	-
2024	-	-	456	-
2025	-	-	665	-
2026	575	97	95	767

1/ The number of digital payments per capita is calculated as the ratio between the Digital Payments Indicator over the population from 18 to 70 years projected by the INEI. For 2026, information from July 2025 to June 2026 is used. 2/ Others incorporates intrabank transfers without alias, immediate transfers with CCI via CCE, operations with electronic money, direct debits, credit transfers via CCE and transfers of clients of the LBTR System. Source: BCRP.

2. The evolution of the DPI reflects the rapid expansion of low value digital payments, driven by the greater use of payments with alias and the sustained dynamism of debit cards. This trend is evidenced in the sustained reduction of the average value per transaction and in the growing relevance of immediate transfers and debit cards, which reveals a digitization increasingly oriented towards frequent and lower amount payments, as well as a greater adoption of digital means by individuals and companies. This transformation of the retail payments ecosystem has been favored by the progressive implementation of the different phases of the BCRP interoperability strategy, which

2 Set of services, entities and payment instruments associated with the sending, receiving, processing and settlement of fund transfers, comprises: (i) Payment Systems and Payment Agreements, including their administrators and participants; (ii) Clearing and Settlement Services Companies; (iii) Payment Service Providers; and (iv) Technological Service Providers. 3 The DPI comprises: (i) operations of clients of the participants in the LBTR System and (ii) digital retail payments, including credit transfers, immediate transfers, intrabank transfers, card payments, direct debits and payments with electronic money.

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allowed evolving from a fragmented scheme to an interoperable one. Likewise, through complementary regulatory adjustments, the BCRP has facilitated the incorporation of new participants into the market, promoting innovation, competition and greater efficiency in the provision of payment services.

Graphic 2 Digital Payments Indicator Number Value (Millions of operations) (Millions of S/)

Period	Monthly	Annual Growth Rate
Jun-24	662	-
Dec-24	701	-
Jun-25	-	-
Dec-25	-	-
Jun-26	1 612	-

Period	Monthly	Annual Growth Rate
Jun-24	400 000	-
Dec-24	500 000	-
Jun-25	600 000	-
Dec-25	700 000	-
Jun-26	800 000	-

3. During the first half of 2026, the DPI registered a growth of 13.4 percent in value and 37.2 percent in number of operations compared to the same period of 2025. This performance was driven mainly by low value payments, which increased 19.0 percent in value and 37.2 percent in number of operations. Although the growth in the number of low value payments continues to be significant, this was lower than that observed in the first half of 2025 (61.7 percent). The moderation in the growth rate reflects the transition towards a more mature digital payments ecosystem, characterized by the consolidation of access and use of these instruments among economic agents. For its part, high value payments also maintained a positive evolution, registering increases of 0.7 percent in value and 4.9 percent in number of operations.

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Table 1 High and Low Value Payments * Monthly Average (January - June)

Payment Instrument	2025 Value	2025 Number	2026 Value	2026 Number	2026 Participation (%) Value	2026 Participation (%) Number	2026 Variation (%) Value	2026 Variation (%) Number
Digital Payments Indicator – DPI**	572 378	1 111	648 804	1 524	100.0	100.0	13.4	37.2
HIGH VALUE	463 062	0.09	466 412	0.10	100.0	100.0	0.7	4.9
LBTR System	463 062	0.09	466 412	0.10	100.0	100.0	0.7	4.9
- Clients of the participants	255 275	0.07	269 334	0.08	57.7	78.6	5.5	10.6
- Own of the participants	207 787	0.02	197 079	0.02	42.3	21.4	-5.2	-11.9
LOW VALUE	332 685	1 111	781 1 524	100.0	100.0	19.0	37.2
Intrabank Transfers	244 086	769	291 361	1 051	73.6	68.9	19.4	36.6
a. Via non-face-to-face channels	228 016	734	274 515	1 019	69.4	66.9	20.4	38.9
b. Via face-to-face channels	16 071	36	16 846	32	4.3	2.1	4.8	-11.9
Interbank Transfers	55 450	177	66 426	262	16.8	17.2	19.8	48.0
- Credit Transfers via CCE	27 382	3	28 933	3	7.3	0.2	5.7	1.0
- Immediate Payments	28 068	173	37 494	258	9.5	16.9	33.6	48.9
a. Via CCE	18 936	37	25 294	67	6.4	4.4	33.6	81.9
b. Via Visadirect or similar	9 132	137	12 199	191	3.1	12.5	33.6	40.0
Payment Cards	15 745	154	18 603	188	4.7	12.3	18.2	21.9
- Debit Cards	7 258	109	8 611	137	2.2	9.0	18.6	25.2
a. Via non-face-to-face channels	2 533	36	3 688	59	0.9	3.9	45.6	64.4
b. Via face-to-face channels	4 725	74	4 924	78	1.2	5.1	4.2	6.2
- Credit Cards	8 487	45	9 991	51	2.5	3.3	17.7	13.8
a. Via non-face-to-face channels	1 948	6	3 171	11	0.8	0.7	62.8	71.8
b. Via face-to-face channels	6 539	38	6 820	40	1.7	2.6	4.3	3.9
Electronic money***	979	5.0	2 118	16	0.5	1.1	116.4	228.0
Direct debits	844	5.6	962	7	0.2	0.5	14.0	33.5
Checks	15 581	0.5	16 311	0.4	4.1	0.03	4.7	-6.0
- Intrabank	7 888	0.4	8 716	0.4	2.2	0.02	10.5	-6.2
- Interbank (CCE)	7 693	0.1	7 595	0.1	1.9	0.01	-1.3	-5.6

Source: Circular 0006-2024-BCRP.

• Value in millions of soles. Number in millions of operations. ** The DPI comprises operations of clients of the participants in the LBTR System of the BCRP and digital retail payments, including credit transfers (via CCE), immediate transfers (via CCE and Visa Direct), intrabank transfers, card payments, direct debits and payments with electronic money. *** As of January 2025, operations with prepaid cards backed with electronic money are included. For more details, consult the methodological note available at: https://www.bcrp.gob.pe/sistema-de-pagos/estadisticas-sobre-sistemas-de-pagos.html

B. High Value Payments

4. The Real-Time Gross Settlement System (LBTR) is the main infrastructure for the settlement of high value payments in the country, since it allows fund transfers between its participants to be carried out in real time and with definitive and irrevocable character. Through this system, operations fundamental for the functioning of the financial system are settled, among them fund transfers between participants, both on their own account and of their clients, the monetary and exchange operations of the BCRP, as well as the results of other payment systems, such as the Electronic Clearing House (CCE), and securities settlement systems, such as the Multibank Securities System and the BCRP Securities Settlement System. In this sense, the adequate functioning of the LBTR contributes to preserving adequate levels of liquidity, mitigate payment and settlement risks, strengthen financial stability and guarantee the continuity of transactions essential for economic activity. This section describes only the evolution of the operations processed in the LBTR System by its participants.

The participants of the LBTR System are classified into Type I (banking companies and investment banks), Type II (financial companies, CMAC and CRAC) and other participants (MEF, state financial entities, among others). The LBTR System provides its participants with different services, according to what is established in its regulation, among which are transfers, collection request, settlement of negotiation of purchase and sale of foreign currency, intraday repo operations, among others.

5. In the first half of 2026, the value of the operations processed by the LBTR System increased by 0.7 percent compared to the similar period of 2025. This result captures differentiated behaviors between types of operation: while the own operations of the participants showed a reduction due to the fall in negotiations of purchase and sale of foreign currency, and transfers for interbank loans; the client operations registered a growth rate of 5.5 percent in value and 10.6 percent in the number of operations.

Graphic 3 Operations in the LBTR System Number Value (millions of operations) (millions of soles)

Period	Monthly	Annual Growth Rate
Jun-24	0.07	-
Dec-24	0.08	-
Jun-25	0.09	-
Dec-25	0.10	-
Jun-26	0.10	-

Period	Monthly	Annual Growth Rate
Jun-24	360 000	-
Dec-24	410 000	-
Jun-25	460 000	-
Dec-25	510 000	-
Jun-26	560 000	-

Source: BCRP.

6. During the first half of 2026, the participation of client operations in the LBTR continued to increase. Said operations reached 57.7 percent of the total value and 78.6 percent of the number of operations of the system, compared to 55.1 and 74.5 percent registered in the same period of 2025. This behavior evidences a greater use of the LBTR for the settlement of payments of companies and other clients of the participating entities, in line with a growing frequency of use of this infrastructure for the execution of high value transactions.

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Chart 4 Operations in the LBTR System, by type

7. During the first semester of 2026, the monthly average of the value of operations in national currency in the LBTR System reached S/ 322 958, which reflects a growth of 0.4 percent compared to the similar period of 2025. In foreign currency, the average value reached USD 42 064, with a growth of 9.3 percent compared to the same period of the previous year. Likewise, the number of operations in national currency grew by 5.7 percent and in foreign currency increased by 3.6 percent.

Chart 5 Operations in the LBTR System, by currency

8. The operational continuity of the LBTR System constitutes an essential element to guarantee the timely settlement of high-value payments and preserve the stability of the financial system. With this purpose, in recent years, the BCRP has implemented a robust contingency infrastructure that includes an External Backup Center and an Alternate Operations Center, located in locations different from the main office and adequately equipped to assume operations in the event of events that affect the normal functioning of the system. Additionally, there is an Extreme Contingency Center in Piura, which strengthens operational resilience against high severity scenarios. These mechanisms, complemented with periodic continuity and contingency tests, allow maintaining high levels of availability, security and reliability of the LBTR System, ensuring the continuity of a critical infrastructure for the country.

9. In May 2026, the BCRP issued the new LBTR System Regulation via Circular No. 0011-2026-BCRP with the objective of strengthening operational efficiency and reinforcing system resilience, in line with international best practices. Among the main changes introduced are the strengthening of IT security and operational continuity requirements, the requirement for primary and secondary data centers for participants, the incorporation of high availability and extreme contingency schemes for systemically important entities, the incorporation of a new early connection modality for Type I participants, the update of access controls and user management, and the reduction of manual interventions through greater process automation.

Source: BCRP. Number Value (millions of operations) (millions of soles) 0.08 0.02 0.00 0.03 0.05 0.08 0.10 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Clients Own 278 607 254 552 0 100 000 200 000 300 000 400 000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Clients Own

Source: BCRP. Number of operations in the LBTR System, by currency (monthly, millions) Value of operations in the LBTR System, by currency (monthly, millions of soles and dollars) 0.04 0.06 0.00 0.01 0.02 0.04 0.05 0.00 0.03 0.05 0.08 0.10 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 NC FC - right axis 377 722 45 656

15 000 30 000 45 000 60 000 200 000 250 000 300 000 350 000 400 000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 NC FC - right axis

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C. Low-Value Payments

10. Low-value digital payments comprise transactions of reduced amount and high frequency used by individuals and companies to make everyday payments, such as purchases, transfers, service payments and other recurring obligations. Their growing adoption has contributed to expanding access to financial services, reducing the use of cash and improving the efficiency of transactions in the economy. Given their relevance for the functioning of economic activity and the strengthening of financial inclusion, it is fundamental to have a regulatory framework that promotes their development under adequate standards of security, continuity and efficiency, preserving user confidence and fostering innovation and competition in the payments market.

11. The processing and settlement of low-value digital payments are based on an infrastructure that articulates intrabank and interbank schemes. When the origin and destination accounts belong to the same financial entity, operations can be processed internally (intrabank); whereas when different entities intervene, these must be channeled through payment infrastructures, such as the CCE, or through agreements and processing networks associated with payment cards (interbank). These operations are carried out mainly through electronic transfers, both immediate and deferred, and debit and credit cards, in addition to other digital solutions. Below, the evolution of the main low-value payment instruments is presented.

Intrabank transfers 4

12. In the first semester of 2026, intrabank transfers maintained significant growth and continued to be one of the main retail payment instruments. The number of operations grew 36.6 percent compared to the first semester of 2025, although below the growth of 68.8 of the first semester of 2025. This growth was driven mainly by transfers made through non-face-to-face channels 5, whose number increased by 38.9 percent and value by 20.4 percent. Likewise, the average value per transaction decreased from S/ 317 in the first semester of 2025 to S/ 269 in the similar period of 2026, which suggests a higher frequency of use for lower amount operations. Intrabank transfers represented 68.9 percent of the total number of low-value payments; percentage that has remained stable in recent years. In this regard, operations carried out through non-face-to-face channels concentrated 66.9 percent of the number of intrabank transfers. It should be noted that the participation of payments with alias in non-face-to-face channels went from 88.6 percent in the first semester of 2025 to 90.5 percent in the first semester of 2026.

Chart 6 Intrabank transfers

Interbank transfers

13. In the first semester of 2026, immediate payments 6 maintained significant expansion, although at a more moderate pace, and continued gaining relevance within retail payments. Compared to the first semester of 2025, these operations increased 48.9 percent in number and 33.6 percent in value. This dynamism was driven mainly by immediate transfers processed by the CCE, whose number grew 81.9 percent, in particular due to the greater use of immediate payments initiated via alias. Likewise, the average value per operation decreased from S/ 162 in the first semester of 2025 to S/ 145 in the similar period of 2026, which suggests a higher frequency of use for low amount operations.

As of June 2026, immediate payments represented 16.9 percent of the total number of low-value payments, percentage that has been increasing steadily. Within this instrument, the participation of the CCE went from 21 to 26 percent of the first semester of 2025 to the first semester of 2026, while the participation of Visa Direct decreased from 79 to 74 percent in said period. It should be noted that the participation of payments with alias in immediate payments went from 89.9 percent in the first semester of 2025 to 88.5 percent in the first semester of 2026.

4 Fund transfers where the ordering party and the beneficiary have a fund account in the same entity, which are processed internally. 5 Internet banking, telephone banking, mobile banking, digital wallet, corporate and client software, instruction by letter/fax and SMS/USSD. 6 Interbank transfers where the beneficiary receives the funds in or almost in real time and maintains 24/7 availability. These transfers can be made using the user's account code or with an alias associated with said account.

Source: BCRP. (millions of operations) (millions of soles) Number Value 1 114 69% 65% 66% 67% 68% 69% 70% 71% 300 550 800 1 050 1 300 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Participation (right axis) 295 476 265 0 120 240 360 480 200 000 240 000 280 000 320 000 360 000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Average Ticket (right axis)

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Chart 7 Immediate Payments

14. In the first semester of 2026, credit transfers processed by the CCE showed moderate growth in value and relative stability in number, maintaining a usage pattern associated with higher amount operations. These operations increased 5.7 percent in value and 1.0 percent in number compared to the similar period of 2025. As of June 2026, the average value per transaction was located at S/ 8 495, above the S/ 8 118 recorded in 2025, remaining as the highest average ticket among retail digital payment instruments. This evolution is consistent with a use mainly linked to operations between companies and higher relative value payments.

Payment Cards

15. In the first semester of 2026, although card payments maintained significant growth, they lost relative participation within low-value payments due to the greater dynamism of other digital payment instruments. These operations increased 21.9 percent in number and 18.2 percent in value compared to the similar period of 2025. In said period, card payments represented 12.3 percent of the total number of low-value payments, below the 13.9 percent recorded in the similar period 2025. This evolution suggests that, although cards continue to expand, their growth is being surpassed by instruments of higher frequency of use, such as immediate transfers.

16. The growth of card payments was driven mainly by debit cards, which continue to concentrate the largest part of the number of operations. In the first semester of 2026, the monthly average of debit card payments increased 25.2 percent in number and 18.6 percent in value compared to the similar period of 2025. For its part, credit card payments grew 13.8 percent in number and 17.7 percent in value. As a result, the participation of debit cards within the total of card payments went from 71.6 to 73.0 percent in number, while it remained around 46 percent in value. Likewise, the average ticket for debit card payments was S/ 63, consolidating a downward trend; in contrast, the average ticket of operations with credit card was S/ 197 and showed more fluctuating behavior.

Source: BCRP. Number Value (millions of operations) (millions of soles) 278 17% 14% 15% 16% 17% 18% 0 100 200 300 400 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Participation (right axis) 37 468 135 0 50 100 150 200 0 12 000 24 000 36 000 48 000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Average Ticket (right axis)

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Chart 8 Debit Card Payments

Chart 9 Credit Card Payments

17. The non-face-to-face channel continued gaining relevance in card payments, especially in operations with debit cards associated with electronic commerce. In the first semester of 2026, the number of non-face-to-face purchases with debit cards grew 64.4 percent compared to the similar period of 2025, well above the aggregate growth of card payments. In contrast, face-to-face purchases with credit cards registered more moderate growth, of 3.9 percent. This evolution reflects a gradual change in card payment habits, with greater participation of digital channels and more frequent use of the debit card in non-face-to-face transactions.

Source: BCRP. Number Value (millions of operations) (millions of soles) 137 8% 0% 4% 8% 12% 16% 60 90 120 150 180 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Participation (right axis) 8 082 59 0 20 40 60 80 5 000 6 500 8 000 9 500 11 000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Average Ticket (right axis)

Source: BCRP. Number Value (millions of operations) (millions of soles) 53 3% 0% 2% 4% 6% 8% 30 38 46 54 62 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Participation (right axis) 10 064 192 170 180 190 200 210 6 000 7 500 9 000 10 500 12 000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Average Ticket (right axis)

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Chart 10 Card payments, by channel

Electronic Money 7

18. In the first semester of 2026, operations with electronic money continued expanding, although they maintain a limited participation within low-value payments. As of June 2026, the monthly average of the number of operations with electronic money reached 16 million with an associated value of S/ 2 118 million. The average ticket of operations with electronic money decreased from S/ 195 in the first semester of 2025 to S/ 132 in the similar period of 2026, consolidating its downward trend.

Within low-value payments, this instrument represented only 1.1 percent of the total number of operations and 0.5 percent of the total value. However, in the first semester of 2026, these operations increased 116.4 percent in value and 228.0 percent in number compared to the similar period of 2025. The growth of electronic money payments accelerated after, in August 2024, the BCRP allowed EEDE access to the CCE and created the figure of indirect participant in the CCE to facilitate access of new entities, scheme that has been used by EEDE.

7 Includes intrabank and interbank operations, as well as payments with prepaid cards, whose funds are associated with electronic money accounts.

Source: BCRP. Number Value (millions of operations) (millions of soles) 117 72 0 40 80 120 160 Jul-24 Jan-25 Jul-25 Jan-26 Face-to-face Non-face-to-face 11 461 6 684 0 4 000 8 000 12 000 16 000 Jul-24 Jan-25 Jul-25 Jan-26 Face-to-face Non-face-to-face

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Chart 11 Electronic money payments

Other payment instruments

19. In the first semester of 2026, payments with alias continued consolidating as the main mechanism of everyday use within retail payments. This instrument groups immediate intrabank transfers with alias and immediate interbank transfers with alias. Its evolution is presented in an integrated manner in Box 1.

BOX 1 EXPANSION OF PAYMENTS WITH ALIAS

Payments with alias are operations in which the beneficiary is identified through an identifier or alias that substitutes the account number—mainly the cell phone number—, which is operationally linked to their fund account. Payments with alias can be intrabank or interbank. The following diagram shows the payment instruments and the types of account that are used in payments with alias.

In the first semester of 2026, payments with alias increased 42.8 percent in number and 36.6 percent in value compared to the similar period of 2025, reflecting their growing relevance in frequent and lower amount operations. In said period, these payments represented 75.5 percent of the total number of low-value payments, participation that has been increasing steadily month by month. Likewise, the average value of payments with alias decreased slightly, from S/ 47.5 in the first semester of 2025 to S/ 45.4 in the similar period of 2026, which confirms their predominant use in everyday low amount transactions, which compete with the use of cash.

Source: BCRP. (millions of operations) (millions of soles) Number Value 20 1.2% 0.0% 0.4% 0.8% 1.2% 1.6% 0 5 10 15 20 25 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Participation (right axis) 2 279 116 0 100 200 300 400 0 500 1 000 1 500 2 000 2 500 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Average Ticket (right axis)

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Immediate payments with alias

Note: The information includes immediate transfers with cell phone number or QR processed by the same entity, the CCE and Visa Direct. Source: BCRP

Within payments with alias, intrabank transfers continued concentrating the largest part of the operations, although immediate interbank payments showed significant dynamism. As of June 2026, the number of intrabank transfers with alias increased 41.9 percent while the increase was 46.7 percent for immediate interbank transfers with alias, so the participation of interbank transfers in the number of operations increased from 19.3 to 19.8 percent. Likewise, the number of operations processed by the CCE increased 93.9 percent between the first semester of 2026 and the same period of 2025. Thus, the participation of the CCE in the number of interbank transfers increased from 12.3 to 16.3 percent in the same lapse.

Source: BCRP

In this context, the BCRP approved specific regulation for immediate payments with alias, oriented to consolidate their interoperable, secure and efficient provision (see section E).

20. For its part, checks continued registering a downward trend in number of operations, although with an increase in the traded value. The monthly average of the number of payments with check decreased 6.0 percent compared to the similar period of 2025, while the value increased 4.7 percent. Consequently, the average value per transaction rose from S/ 32 658 in 2025 to S/ 36 383 in June 2026. This evolution confirms the lower transactional use of the check in retail payments, although it maintains relevance for specific higher amount operations.

D. Interoperability of retail payments

21. The BCRP Interoperability Strategy, deployed progressively by phases, continues driving the adoption and use of digital payments in the country. In the first semester of 2026, an average of 271 million interoperable monthly transactions were carried out, 57.4 percent more than in the similar period of 2025. The monthly evolution shows that the use of interoperable services remained at high levels in the semester, supported mainly by the ease of use of digital wallets, the growing adoption of QR codes in commerces, the greater use of mobile banking applications to make payments and the strengthening of service quality levels.

Table 2

22. Phase 1, which enabled interoperability between Yape and Plin since September 2023, continued growing and concentrating the largest volume of interoperable operations. In the first semester of 2026, it registered on average 176 million monthly transactions, 43.4 percent more than in the similar period of 2025, and represented 71.2 percent of the total number of interoperable operations. Within this phase, interoperable transfers from Plin to Yape registered on average 114 million monthly operations, 38.8 percent more than in the first semester of 2025. For its part, interoperable transfers from Yape to Plin reached a monthly average of 62 million operations during the first semester of 2026, which represented an increase of 52.8 percent year-on-year. The average ticket of interoperable transfers of Phase 1 decreased slightly from S/ 66 in the first semester of 2025 to S/ 63 in the first semester of 2026.

Source: BCRP. Number Value (millions of operations) (millions of soles) 1 230 76% 60% 65% 70% 75% 80% 0 400 800 1 200 1 600 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Participation (right axis) 53 892 44 36 40 44 48 52 0 15 000 30 000 45 000 60 000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Monthly Average Ticket (right axis)

Value Number Value Number Value Number Intrabank Transfers 26 800 650 35 616 923 32.9 41.9

• Yape 26 153 642 34 850 913 33.3 42.2
• Plin 628 8 747 9 19.0 20.5
• Other wallets 20 0.2 19 0.3 -1.9 9.3 Immediate payments with alias 11 488 156 16 668 228 45.1 46.7
• Processed via Visadirect or other similar 9 132 137 12 199 191 33.6 40.0
• Yape2/ 3 336 45 4 602 67 38.0 48.6
• Plin3/ 5 629 89 7 387 121 31.2 35.8
• Other wallets 168 3 211 3 25.7 35.8
• Processed by the CCE 2 356 19 4 469 37 89.7 93.9 3/ Includes all transfers from the Plin functionality in mobile banking. 1/ Value in millions of soles. Number in millions of operations. The information includes immediate transfers with cell phone number or QR processed by the same entity, the CCE and Visa Direct. 2/ Includes all transfers from the Yape application. Does not include operations from mobile banking. (Monthly Average January - June) Immediate Payments with Alias1/ 2025 2026 Variation (%)

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Phase	2025 Value	2025 Number	2026 Value	2026 Number	Variation (%) Value	Variation (%) Number	Participation (%) Value	Participation (%) Number
Phase 1 (since March 2023)2/	8 056	122	10 986	176	68.9	71.2	36.4	43.4
- From Plin to Yape	4 910	82	6 616	114	42.0	47.7	34.7	38.8
- From Yape to Plin	3 146	40	4 370	62	26.9	23.5	38.9	52.8
Phase 2 (since September 2023)	3 312	47	6 102	85	28.3	27.3	84.2	81.6
- CCE	2 356	19	4 470	37	20.1	11.2	89.7	93.9
- QR	956	28	1 632	48	8.2	16.2	70.7	73.1
Phase 3 (since December 2023)3/	323	2.5	907	10	2.8	1.5	180.7	285.7
Total	11 691	172	17 994	271	100.0	100.0	53.9	57.4
Digital Payments Indicator - IPD4/	572	378	1 111	648	804	1 524	13.4	37.2

2/ Operations between users of the same application or functionality are not included, for example, from Yape to Yape or Plin to Plin 3/ Include transactions from PDP to Yape and Plin, and from GMoney and Prexpe through the CCE. 4/ The IPD comprises operations of clients of participants in the BCRP LBTR System and digital retail payments, including credit transfers (via CCE), immediate transfers (via CCE and Visa Direct), intrabank transfers, card payments, direct debits and electronic money payments. 1/ Value in millions of soles and number in millions of operations. Source: BCRP. Participation (%) Interoperable transfers by phases1/ Monthly average (January - June) Phases 2025 2026 Variation (%)

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Chart 12 Phase 1: Number of interoperable transactions between Yape and Plin (Millions) Source: Niubiz.

58 63 65 66 69 70 80 72 70 84 84 93 90 96 96 97 102 107 120 107 104 117 115 122 118 26 28 30 37 39 40 41 36 35 41 42 45 43 47 47 51 54 55 62 54 52 64 64 69 67

23. Phase 2 showed greater dynamism in the first half of 2026. On average, it recorded 85 million monthly transactions, 81.6 percent more than in the similar period of 2025. This phase represented 27.3 percent of the number of interoperable operations. Within this phase, immediate transfers with alias processed by the CCE recorded an average of 37 million monthly operations, 93.9 percent more than in the first half of 2025.

Chart 13 Phase 2: Number of immediate transfers with alias in the CCE (Millions) Source: CCE

5 7 8 9 10 11 18 18 16 19 19 22 22 25 26 27 27 32 34 33 34 36 37 42 43

For its part, payments with QR codes by acquirers reached a monthly average of 48 million operations during the first half of 2026, which represented an increase of 73.1 percent year-on-year. In this period, the average ticket of interoperable transfers of Phase 2 was S/ 70, a similar amount to that observed in the first half of 2025.

Chart 14 Phase 2: Number of payments with QR codes processed by acquirer (Millions) Source: Niubiz and Izipay.

12 11 12 13 14 14 16 15 14 16 16 17 16 18 18 19 20 22 25 22 21 24 24 27 27 7 8 8 9 8 10 11 10 11 13 12 13 13 15 15 16 18 20 22 25 24

24. For its part, Phase 3 expanded interoperability towards electronic money issuing companies, allowing the benefits of immediate payments to be extended to users who do not maintain bank accounts, expanding the number of participants in the ecosystem and strengthening financial inclusion. In the first half of 2026, these entities recorded 10 million interoperable transactions on average monthly, around four times the level observed in the first half of 2025. However, this phase only concentrated 1.5 percent of the number of interoperable transfers. The average ticket of interoperable transfers of Phase 3 decreased from S/ 127 in the first half of 2025 to S/ 93 in the first half of 2026.

Chart 15 Phase 3: Number of monthly interoperable transactions 1/ (Millions) 1/ Transactions from PDP to Yape and Plin and from GMoney and Prexpe through the CCE are included. Source: Niubiz and CCE.

0.5 0.2 0.8 1.2 1.7 2.1 2.0 2.1 2.6 2.4 2.9 3.2 3.5 3.8 4.7 5.6 6.3 7.6 7.4 7.7 9.8 10.5 11.2 12.0

E. Regulation, supervision and promotion New BCRP regulation

25. The General Regulation of the National Payment System (Circular N° 0022-2025-BCRP), in force since April 1, 2026, constitutes the framework rule of the National Payment System. This regulation develops the new powers granted to the BCRP by the Payments Law, establishes principles, definitions and obligations of a general nature, and provides a common regulatory basis to order the regulation of infrastructures, services and payment instruments, as well as the different roles and entities participating in the National Payment System. Its purpose is to promote a safe, efficient, interoperable and transparent functioning of the system, also favoring competition and innovation in an environment of accelerated technological transformation.

26. The BCRP approved the Regulation of the Immediate Payment Service with Alias, through Circular N° 0017-2026-BCRP, which will enter into force on September 13, 2026. The Immediate Payment Service with alias is a modality of the Fund Transfer Execution Service provided for in the General Regulation of the National Payment System. The rule establishes the general guidelines for the provision of this service, initiated via Alias or reading of QR codes through mobile applications or other enabled digital channels, and is applicable to Payment Service Providers that offer it, to Payment Infrastructures —including their administrators and participants— and to Critical Technology Service Providers, such as Directory Managers and Providers. The service is interoperable, has continuous availability 24 hours a year, is carried out in national currency and is processed in real or near real time, with a maximum amount of S/ 30,000 per operation, without prejudice to the entities establishing lower limits.

Said Regulation identifies and regulates Directory Providers and Directory Managers, key entities for the interoperability of immediate payments with alias. The Directory Provider provides the repository that stores the Users' Aliases and the data that allow identifying the Beneficiary's Funds Account, while the Directory Manager is the entity in charge of the consultation, exchange and routing of said information between the different Directories of the market, which allows a Payment Service Provider to identify the beneficiary even when they maintain their account in a different entity. Given their operational relevance, both figures require prior authorization from the BCRP, which also has the power to intervene and establish additional technical or operational specifications when frictions arise.

27. Likewise, the BCRP is working on regulatory proposals on the payment acceptance service and the use of QR codes for payment services. The proposal on acceptance seeks to order a service that includes activities such as the acquiring of payment operations and the collection of funds, and that can be provided with more than one payment instrument and processed through more than one payment infrastructure, without homogeneous rules in all cases. For its part, the update of the QR code rule seeks to establish technical guidelines for its issuance, reduce frictions between the actors involved and reconfigure its treatment as an enabling technology for cross-cutting use in any payment service.

28. These regulatory developments are part of the regulatory modernization strategy of the National Payment System. Under this approach, regulations referring to immediate payments with alias, to the payment acceptance service and to the use of QR codes do not operate as isolated pieces, but as specific developments of a general framework that seeks to reduce regulatory gaps, avoid duplications and assign obligations according to the function that each actor fulfills in the payment value chain.

BOX 2 NEW REGULATORY ARCHITECTURE OF THE NATIONAL PAYMENT SYSTEM

In recent years, the digital payments ecosystem in Peru has changed significantly. New actors have been incorporated, new business models have emerged, and certain technological components have become more relevant. In addition, the same operation can involve different actors, a growing specialization of roles is observed and the relationship between payment services and infrastructures has become less linear: the same payment service can be channeled through different infrastructures. In this context, the BCRP regulatory framework has moved from a regulation centered mainly on payment infrastructures to an architecture that also recognizes payment services, roles and enabling technological components.

The General Regulation of the National Payment System (Circular N° 0022-2025-BCRP) fulfills the function of framework rule of the SNP. It establishes common criteria for the entities, services, infrastructures and roles that participate in the SNP. From said Regulation, the BCRP can issue specific rules for certain services –such as immediate payments with alias or payment acceptance–, for payment infrastructures or for relevant technological components, maintaining consistency with what is established in the General Regulation.

In practical terms, the new regulatory architecture distinguishes three levels. The first corresponds to the General Regulation, which sets the common framework of the SNP. The second comprises the specific rules applicable to certain payment services, payment infrastructures or enabling components of the ecosystem. The third allows identifying the roles that intervene in the payment chain and assigning obligations according to the function that each entity performs. The following scheme summarizes this logic: a framework rule, specific regulatory developments and an assignment of obligations based on the functions that each entity fulfills.

Regulatory architecture of the SNP

This approach allows the BCRP to better organize a market that is no longer explained only by the infrastructures that process payments, but also by the payment services that are offered, the technological components that enable them and the roles assumed by the different participants. For the BCRP, this approach facilitates the incorporation of new business models without losing sight of the basic conditions that the SNP must preserve: security, efficiency, interoperability and continuity of service.

Monitoring of Key Performance Indicators of interoperable payments

29. International experience demonstrates that technical connectivity requires high operational reliability to maintain user confidence and consolidate the use of these digital channels. 8 Therefore, as part of its supervisory role of the National Payment System, the BCRP promotes the adoption of interoperable payments ensuring an experience as immediate and secure as cash, through compliance with Key Performance Indicators (KPI).

30. The KPI of Unavailability measures the availability of contact search functions via alias and transfers from digital wallets or mobile banking. In the first half of 2026, the indicator remained above the minimum threshold of 95 percent, standing above 99 percent. This evidences the stability and continuity of the interoperable service.

31. The KPI of Recovery Time Objective (RTO) measures the proportion of incidents resolved within the maximum established period and contemplates two types of incidents: Type 1 (unavailability) and Type 2 (degradation). In the first half of 2026, the RTO KPI of Type 1 surpassed the threshold of 90 percent during almost the entire period, except in February 2026 (89.7 percent), and recovered above 94 percent between March and June. In the same period, the RTO KPI of Type 2 reached 100 percent, remaining above the threshold of 85 percent during the entire period.

8 See, for example, Lukonga, I. (2021). Operational Resilience in Digital Payments (IMF Working Paper No. 2021/288, which analyzes how massive digitalization and demand for 24/7 transfers increases operational risks. Likewise, it concludes that regulatory frameworks that require critical redundancies, objective recovery times and service availability goals are necessary.

Chart 16 Average level of operational continuity of the ecosystem 1/. 1/. The application of infractions started on June 1, 2025 for the Unavailability KPI, and on October 1, 2025 for the RTO KPI. Source: Information reported by entities regulated by Circular No. 0009-2024-BCRP.

97.2% 97.9% 97.9% 97.8% 94.1% 95.3% 91.2% 94.5% 96.4% 98.8% 98.6% 99.5% Threshold 60% 65% 70% 75% 80% 85% 90% 95% 100% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Alias Search Transfers

92.6% 89.7% 94.6% 95.8% 98.7% 94.1% 100% 100% 100% 100% 100% 100% 75% 80% 85% 90% 95% 100% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 KPI RTO Level 1 KPI RTO Level 2

99.5% 99.4% 99.7% 99.7% 99.8% 99.8% 90% 95% 100% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 KPI Unavailability

32. The Performance KPI evaluates, via Percentile and Maximum Time metrics, the response times of alias contact search and successful transfers. In the first half of 2026, in the Percentile metric, alias search recorded between 94.1 and 99.1 percent from March to June, while transfers increased from 96.4 to 99.5 percent in the same period, evidencing that the vast majority of operations were processed within the established time and above the acceptable threshold of 75 percent.

Chart 17 Average level of Performance KPI of Percentile type 1/. 1/. The application of infractions started on March 1, 2026. Source: Information reported by entities regulated by Circular No. 0009-2024-BCRP

In the Maximum Time metric, alias search maintained a compliance level close to 99 percent in the first half, while the corresponding one for transfers was located at more than 99 percent. These results evidence that the proportion of operations that complies with the established maximum time increased and remained above the regulatory threshold of 96 percent.

Chart 18 Average level of Performance KPI of Maximum Time type 1/. 1/. The application of infractions started on March 1, 2026. Source: Information reported by entities regulated by Circular No. 0009-2024-BCRP

33. The Effectiveness KPI measures the proportion of alias queries and transfers processed successfully, so a higher level reflects better service performance. In the first half of 2026, the KPI for alias search recorded between 97.2 and 98.7 percent and the KPI for transfers between 97.46 and 99.2 percent, evidencing that unsuccessful operations are very reduced.

Chart 19 Average level of Effectiveness KPI 1/. 1/. The application of infractions started on June 1, 2026. Source: Information reported by entities regulated by Circular No. 0009-2024-BCRP

99.3% 98.5% 98.9% 99.1% 99.1% 98.7% 99.7% 95.7% 95.0% 95.9% 99.3% 99.7% 99.5% 99.8% Threshold Threshold 80% 85% 90% 95% 100% Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Alias Search Transfers

97.2% 97.8% 97.5% 97.3% 97.9% 98.7% 97.5% 97.3% 98.1% 98.5% 98.6% 99.2% 70% 75% 80% 85% 90% 95% 100% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Alias Search Transfers

Compliance with BIS-IOSCO Principles

34. As the head entity of the SNP, the BCRP carried out the monitoring and evaluation of compliance with the Principles for Financial Market Infrastructures (PFMI) of BIS-IOSCO. At the end of March 2026, responses to the self-assessment questionnaire of system administrators and agreements in the SNP were received. As a result of the 2025 Annual Self-Assessment, it was observed, in general terms, an adequate level of compliance with regulatory standards and applicable international principles. The results evidence that the majority of supervised entities reported implementation levels corresponding to the categories of "Totally adopted" and "Widely adopted" in the evaluated principles, reflecting advances in matters of corporate governance, integral risk management, operational continuity, information security, service efficiency and control mechanisms.

35. Likewise, it was observed that entities have continued strengthening their identification, monitoring and risk mitigation schemes, as well as their technological and operational continuity capabilities against events that may affect the provision of their services. In the same way, efforts to improve liquidity management mechanisms, cyber security, information protection and supervision of critical providers were evidenced, elements increasingly relevant in an environment of growing digitalization of financial services.

36. The supervision carried out by the BCRP has allowed verifying that, in general, regulated entities comply with current regulations and maintain a high degree of adoption of applicable principles. The results also evidence advances in the strengthening of risk management, operational continuity and internal controls, contributing to the security, efficiency and resilience of the infrastructures that constitute the SNP.

Registrations and authorizations

37. After the entry into force of the General Regulation in April, the BCRP has received requests for authorization or registration from Payment Service Entities. As of July 2026, 49 requests have been received, of which 14 correspond to authorizations and 35 to registrations.

BOX 3 AUTHORIZATION AND REGISTRATION PROCEDURES OF THE GENERAL REGULATION OF THE NATIONAL PAYMENT SYSTEM

The payments ecosystem has shown accelerated growth in recent years. For example, between the years 2021 and 2025, the number of digital payments per capita increased from 90 to 665 annual operations, while the number of transactions carried out via digital wallets increased from 379 million to 8,836 million, equivalent to a growth of 2,229 percent, in the same period. This dynamism reflects both the inclusion of new users to the system and the greater use of digital payment means by persons and companies.

The expansion of digital payments has propitiated the development of new use cases, modalities and channels for the provision of traditional payment services such as acquiring, dispersion of funds, execution of transfers and other services related to the processing and acceptance of payments. As a consequence, new participants with different novel business models have been incorporated, generating the need to adapt the regulatory framework in order to maintain the security and efficiency of the National Payment System.

Thus, through Legislative Decree N° 1665 the Law of Payment Systems and Securities Settlement (Law N° 29440) was modified, expanding the powers of the BCRP as the head body of the National Payment System. Among the main modifications, its capacity to regulate measures aimed at expanding access to payment services, promote interoperability was strengthened and its regulatory perimeter was expanded.

In exercise of these powers, the BCRP approved the General Regulation of the National Payments System which defines Payment Services Entities as those Payment Services Providers that are not authorized by the competent authority to offer deposit or electronic money accounts. The General Regulation establishes two pathways for their incorporation into the regulatory perimeter of the BCRP.

Authorization is required when the Payment Services Entity participates in a Payment System or in a Prominent Payment Agreement, due to the greater relevance of these infrastructures or agreements for the functioning of the system. Registration, on the other hand, applies when the entity participates in a Payment Agreement that requires identification and monitoring by the BCRP, but under a more expedited incorporation regime. This differentiation allows applying a proportional approach, in which regulatory requirements are adjusted to the nature, scale and risks of the activity developed by each entity.

Together, the authorization and registration procedures allow the BCRP to strengthen the supervision process, promote the security of the NPS, by identifying new participants, assigning proportional obligations and requiring minimum conditions for risk management, fund protection, operational continuity and information reporting.

Payment instrument commissions

38. From the payer's perspective, commissions applicable to fund transfers vary according to the amount of the operation and the payment instrument used. For operations up to S/ 500, immediate transfers do not generate a commission. For amounts between S/ 500 and S/ 30,000, transfers via CCE maintain relatively low fixed commissions, of S/ 4.80 in the case of immediate ones and S/ 4.30 in deferred ones; the latter allow transferring amounts of up to S/ 420,000. For its part, the LBTR System is available for transfers from S/ 5,000 and applies a commission of S/ 20 per operation, so it is oriented mainly to higher value payments.

Table 3 Commissions for the payer, by amount range and payment instrument

Operation Amount Range	Digital Wallet	Immediate CCE	Deferred CCE	LBTR
Less than S/ 500	Free	Not applicable	Not applicable	Not applicable
S/ 500 - S/ 4,999	Not applicable / according to limit	S/ 4.80	S/ 4.30	Not applicable
S/ 5,000 - S/ 30,000	Not applicable	S/ 4.80	S/ 4.30	S/ 20
S/ 30,001 - S/ 420,000	Not applicable	Not applicable	S/ 4.30	S/ 20
Greater than S/ 420,000	Not applicable	Not applicable	Not applicable	S/ 20

Note: Commissions consider the following assumptions: same place transfer, interbank transfer, transfer in national currency and client of the largest bank in the system. Source: BCRP

39. In the last twelve months, the commission structure in the payment card market in Peru recorded a reduction in the discount rate and a slight increase in the average interchange rate, going from 2.24 percent to 2.02 percent and from 1.57 to 1.59 percent, respectively.

By card type, the interchange rate increased on debit cards (from 1.34 to 1.36 percent) and credit cards (from 1.87 to 1.88 percent), while prepaid cards maintained their level at 1.49 percent. By channel, an increase is recorded in the face-to-face channel (from 1.79 to 1.82 percent) and a drop in the non-face-to-face channel (from 1.49 to 1.47 percent). In retail segments, the average interchange rate remained at 1.46 percent; the most significant increase corresponded to transport (from 1.75 to 1.84 percent), while drops were observed in gas stations (from 1.29 to 1.26 percent), pharmacies (from 1.47 to 1.45 percent) and supermarkets (from 0.99 to 0.97 percent).

The reduction in the average discount rate is observed in all card types: prepaid (from 1.92 to 1.78 percent), debit (from 2.09 to 1.87 percent) and credit (from 2.41 to 2.21 percent). Likewise, a drop is recorded in both the face-to-face channel (2.21 to 1.99 percent) and the non-face-to-face channel (2.35 to 2.15 percent). In retail segments, the average discount rate decreased from 2.15 to 1.91 percent, with pharmacies being the segment with the most significant drop (from 2.60 to 1.88 percent). It should be noted that the reduction in the discount rate occurred in a context where the interchange rate, a component set by the brands, did not decrease, which suggests a narrowing of the margin retained by acquirers. This compression would have occurred in a generalized manner, and with greater intensity in the face-to-face channel and in the pharmacy segment.

For its part, the average discount rate charged by facilitators has presented a drop from 2.87 to 2.78 percent. By card type, decreases are recorded in prepaid cards (from 2.79 to 2.73 percent) and debit cards (from 2.60 to 2.46 percent), while credit cards show an increase (from 3.13 to 3.19 percent). By channel, an increase stands out in the face-to-face channel (3.04 to 3.34 percent) and a drop in the non-face-to-face channel (2.76 to 2.55 percent), with which the gap between both channels widened from 0.28 to 0.79 percentage points, in the opposite direction to that observed in acquirers, where the non-face-to-face channel continues to be the most expensive. In retail segments, the average rate decreased from 2.58 to 2.43 percent; however, in the transport segment it increased significantly (from 2.54 to 3.01 percent).

Table 4 Dissemination

40. So far in 2026, the BCRP developed dissemination activities on the progress of digital payments and the role of the BCRP as Governing Body of the National Payments System. These initiatives included presentations and seminars aimed at students, teachers, journalists and representatives of financial institutions, held in universities, as well as in private associations in Lima and in the various regions of the country. In addition, exhibitions were carried out on the advances of the BCRP Digital Money Pilot, the Development of the Retail Payment Interoperability Strategy and the Report on Payment Systems and Fintech.

41. The LBTR System Administration Department carried out in March the LBTR System Management and Operativity Course 2026. The objective of these courses is to train and certify the staff of financial entities that operate in the System. In said course, 69 officials from 39 participating entities were certified. Likewise, the Workshop "New LBTR Regulation" was held in July, where the main scopes of the new LBTR System Regulation were disseminated and operational and technical queries formulated by the participating entities since the publication of the norm were answered, strengthening the implementation process of the new regulatory framework.

42. During the first half of 2026 the BCRP carried out four Workshops on the Implementation of the General Regulation of the National Payments System. The Workshop presentations counted with the participation of officials from the Regulated Entities and covered the Payments Law and the General Regulation, as well as the presentation of Guides for their application, including the application of the Incident Report, the formats of the required reports and the delivery of documentation for registration or authorization as a Payment Services Entity.

F. Strategic initiatives of the BCRP

Retail Payments Platform of the BCRP

43. In June 2024, the BCRP, in coordination with the Reserve Bank of India (RBI), signed an agreement with the National Payments Corporation of India (NPCI) to develop in Peru a Retail Payments Platform inspired by the Unified Payments Interface (UPI), infrastructure that currently operates successfully in said country. UPI constitutes an instant payments platform that supports multiple functionalities, among them person-to-person (P2P) transfers and person-to-merchant (P2M) payments. Likewise, this model significantly improves the user experience through the incorporation of the payment initiation model (pay from a wallet or device that is not necessarily from the entity that provides us the account), the continuous development of new use cases and the specialization of the different participants that intervene in the provision of payment services.

44. In this context, the BCRP is developing the Automatic Peruvian Payment Transfers (TAPP) platform, a payment infrastructure based on UPI and adapted to the needs of the Peruvian market. By leveraging technology widely tested in India, the largest instant payments ecosystem in the world, TAPP will offer a solid base in terms of security, scalability and availability. The platform will complement existing payment solutions, promote the participation of new payment services providers, boost innovation and contribute to strengthening competition, efficiency and financial inclusion.

45. A central component of TAPP will be the enablement of payment initiation. This model will allow users to link, from a single application, the accounts they maintain in any of the financial entities participating in TAPP, such as banks, municipal and rural savings banks, finance companies and electronic money issuing companies, allowing them to select the account from which they wish to make each payment. This capacity will favor greater specialization of the ecosystem participants, by separating the provision of accounts from the provision of access services and payment initiation. As a result, new providers will be able to develop applications with more innovative and higher value-added user experiences, while financial entities will maintain account administration. This model will promote greater competition and innovation, expanding the options available to users without affecting the relationship they maintain with their financial entities.

46. The BCRP team in charge of the implementation of TAPP is coordinating closely with the participants of the 3 Working Groups composed, to date, of 20 financial and non-financial entities, to advance their incorporation into the platform. This work covers the analysis of functional documentation and technical specifications, the preparation of interconnection, the validation of new user experiences and security mechanisms, among others.

Likewise, permanent working tables are maintained with the functional, technological and business areas of the participating entities and pertinent regulatory entities to coordinate the aspects necessary for the implementation of the platform. Each of the participants will choose the role they will take in TAPP: Account Provider (AP), Access Provider (ACP) or Third Party Application Provider (TPAP).

The following table shows the 3 Groups of Participants that are working on their developments and that will connect to TAPP during the third quarter of 2026 to start tests and certifications:

Table 5 TAPP Participants

Group 1 (from Aug. 2025)	Group 2 (from Nov. 2025)	Group 3 (from Feb. 2026)
Financial Entities
- Compartamos Bank (+ Bim)	- BCP (+Yape)	- Interbank
- BBVA	- Mibanco	- Falabella
- Savings Bank Arequipa	- Savings Bank Cusco	- Scotiabank
- Savings Bank Los Andes	- Bank of the Nation	- Alfín Bank
Non-financial Entities
- Kasnet	- Niubiz	- Bitel
- Gmoney	- TPP	- Izipay
- Monnet	- Fullcarga

47. The TAPP implementation project is developed in three phases. After successfully completing Phase 1, in which the UPI model was adapted to the Peruvian context and interoperability mechanisms with the CCE were established, the project is currently in the final stage of Phase 2. In this phase, the configuration of test and certification environments is being concluded, as well as the implementation of a sandbox that will allow participants to execute, autonomously, a wide battery of test cases before accessing the formal certification process. In parallel, connections of the participating entities to the TAPP infrastructure are being made, as part of the activities prior to the start of integral tests. According to the project schedule, the start of Phase 3 is maintained for December 2026, which contemplates a controlled pilot to validate the new functionalities of the platform before its gradual deployment.

In a context of accelerated growth of digital payments in the country, the BCRP makes available to the National Payments System a new operations processing infrastructure, expanding the access possibilities of new actors and payment services providers and also expanding the frontier of innovation and new use cases, such as payment initiation.

Digital Money Innovation Pilot

48. Since March 10, 2025, the annual evaluation phase of the BCRP Digital Money Innovation Pilot (CBDC) was developed and at the beginning of this year, the request for extension of the period planned by the Participant was approved, in accordance with the Regulation of this initiative. The implementation of the Digital Money Innovation Pilot aims to obtain information for the design of public policies oriented to promote access and use of digital payments in regions of low banking penetration.

On January 22, 2026, the company participating in the Pilot requested the BCRP the extension of the evaluation period, in accordance with current regulations. The BCRP approved its extension for one additional year, considering that the continuity of the initiative will contribute to strengthening the empirical base for the design of public policies oriented to promote a more inclusive, efficient and sustainable digital payments ecosystem.

49. The performance observed during the development of the Pilot shows a favorable evolution with respect to the objectives raised in its design stage. In particular, the information generated allows appreciating the utility of this initiative as a controlled environment to obtain relevant evidence for the formulation and evaluation of public policies oriented to the development of digital payments. Likewise, it should be highlighted that the advances observed in adoption and use have been achieved in a particularly challenging context, given that the BiPay wallet of Bitel operates under a closed and non-interoperable scheme.

50. At the close of June 2026, the resources registered in the Aggregate Digital Money Account in the LBTR System amounted to S/ 12,236,000. The total Digital Money balance reflects an accumulated increase of 199.9 percent compared to October 2024 (month of start of the Pilot test period), evidencing a significant expansion of Digital Money. The growth of this balance is associated both with the growth of the BiPay user base, and with the greater use of the wallet to carry out operations with Digital Money of the BCRP, which suggests simultaneous advances in terms of adoption and effective use of the solution.

51. The expansion of Digital Money shows a particularly favorable dynamic in the eight regions of low banking penetration of greatest interest 9 of the Pilot. In terms of adoption, the user base of the BiPay digital wallet increased from 805.1 thousand in October 2024 to more than 5.2 million at the close of June 2026, equivalent to an annual growth of 548.1 percent. In the regions of low banking penetration, the advance was even greater: the number of users went from 202.5 thousand to 1.3 million in the same period, which represents an increase of 553.6 percent.

The evolution of active users (those who make at least one service payment or a transfer within a month) also shows a positive trend. The number of active users increased from 31.3 thousand in October 2024 to more than 355.7 thousand in June 2026 in Peru (+1036.1 percent). In the eight regions of low banking penetration, growth went from 6.5 thousand to 80.2 thousand (+1137.8 percent), in the same period.

The advance in the adoption of Digital Money is reflected in the degree of penetration of the wallet among the adult population. By mid-year 2026, the 5.2 million BiPay users represented approximately 23.3 percent of the adult population of Peru, while the 1.3 million users registered in the eight regions of low banking penetration were equivalent to 33.8 percent of the adult population of said regions.

Chart 20 Source: BCRP

52. The transactional activity associated with Digital Money shows greater dynamism in the eight regions of low banking penetration. At the national level, the daily average of transactions increased from approximately 16.6 thousand in October 2024 to 58.3 thousand in June 2026, equivalent to an expansion of 251.3 percent. In the regions of low banking penetration, the advance was more intense, going from 4.8 thousand to 17.8 thousand average daily transactions in the same period, which represents an increase of 269.4 percent. This behavior suggests that, in addition to increasing the user base, the Pilot is generating greater recurrence of use in territories where digital payments face greater access restrictions.

9 These are the regions that, according to ENAHO 2022 information, registered a percentage of adult population with account ownership lower than 45%.

53. BiPay has obtained the organization license as an Electronic Money Issuer Company (EEDE) before the Superintendence of Banking, Insurance and AFP, through SBS Resolution No. 00173-2026, issued on January 21, 2026. Currently, it is in the process of obtaining the operating license that would allow it to start operations as EEDE. This, in the context that the Pilot contemplates a maximum validity of two years and in order to guarantee the continuity of the services offered by the BiPay digital wallet to its users.

G. Special topics of interest

54. The adoption and use of digital payments in the country can be analyzed not only from the aggregate growth of transactions, but also from the channels through which their adoption is deepened. In particular, distinguishing between the extensive margin —associated with the incorporation of new users— and the intensive margin —linked to a greater frequency of use among those who already adopted these instruments— allows evaluating with greater precision the advance of payment digitization and comparing its depth in regions and sociodemographic variables.

BOX 4 ADOPTION AND INTENSITY OF USE OF DIGITAL PAYMENTS OF THE BANKED POPULATION: EVIDENCE FROM THE ENAHO

The adoption and intensity of use of digital payments have expanded in an accelerated manner in Peru between 2018 and 2025. Based on the income and expenses module of the National Household Survey (ENAHO), two complementary dimensions are distinguished for this analysis: i) adoption, that is the incorporation of digital instruments as a habitual means of payment, that is, the extensive margin; and ii) intensity of use, understood as the degree to which said instruments are employed, approximated by the number of expense categories that the person pays digitally.

Between 2018 and 2025, the proportion of the banked population that adopts digital means to make payments rose from 20 to 57 percent, while the banked population that makes purchases exclusively with cash was reduced from 70 to 43 percent (Chart 1a). The described advance is not limited to the percentage of people who pay digitally, but also comprises the intensity with which they do so. Among people who pay digitally, the average number of digitized expense categories rose from 3.7 to 4.7 between 2018 and 2025 (Chart 1b).

Chart 1 Note: Only people 18 years of age or older who declare having at least one account or digital wallet and who made some purchase in the expense categories analyzed are considered. From 2024 the ENAHO modified the payment method alternatives and incorporated digital wallets in a differentiated manner. Source: ENAHO

(% of banked people who made a purchase) (a) Evolution of the adoption of digital payments and exclusive cash payment (b) Evolution of the intensity of use of digital payments Average number of categories purchased digitally

Year	Adoption of digital payments	Exclusive cash payment
2018	20	70
2025	57	43

Year	Average number of categories purchased digitally
2018	3.7
2019	3.8
2020	3.9
2021	3.6
2022	3.8
2023	3.9
2024	4.1
2025	4.7

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Behind this average, an important change is observed in the distribution of users who pay digitally by spending category: while in 2018 the majority of people only paid digitally for 1 category, in 2025 the majority did so for 7 categories (Chart 2a). Consequently, the aggregate growth of digital payments has occurred on both the extensive and intensive margins.

Chart 2 Source: ENAHO

Digitalization among product categories and different population sectors

Digitalization, understood as the percentage of banked individuals who purchase a category digitally, has not been homogeneous among the different spending categories. In 2025, the highest levels correspond to housing services and food, both prepared for consumption and take-away, while appliances and furniture and household goods register lower digitalization. This ordering suggests that digitalization has permeated with greater intensity in recurrent and low-value spending categories, a segment in which the diffusion of digital wallets has significantly reduced acceptance costs for smaller-scale commerce. In contrast, purchases of durable goods, of a sporadic nature and higher amount, have incorporated digital wallets as a means of payment to a lesser extent and continue to be linked to the use of cash, financing modalities offered in the establishment itself, and payment cards, whose increase in the number of operations has been lower than that observed in digital wallets. It should be noted that the greatest advances of the period are concentrated in categories that started from reduced levels: housing services increased their digitalization by 38.7 percentage points, prepared food for consumption by 32.5 percentage points, take-away food by 30.1 percentage points, and cooking fuel by 29.9 percentage points. At the opposite extreme, appliances and furniture and household goods present the most limited increases, of 9.1 and 12.8 percentage points, respectively; this, considering that their level of digitalization was relatively higher in 2018 (Chart 2b).

According to population characteristics, the adoption of digital payments presents less marked heterogeneity than in 2018. Differences by sex are reduced: in 2025, 57.6 percent of banked men and 56.3 percent of banked women made digital payments (21.8 and 19 percent, in 2018). The gaps are more pronounced by education level, geographic area, and age. The indicator reaches 70.5 percent among those with university higher education, compared to 26.6 percent among those who only achieved primary education; likewise, it stands at 60.2 percent in the urban area and at 32.3 percent in the rural area. By age groups, adoption is higher among adults aged 25 to 40 years, with 65.7 percent, and reduces to 17.4 percent among people aged 65 years and over (Table 1).

(a) Distribution of digital payment usage intensity by number of digitalized categories (b) Advance in digitalization by product category (% of banked individuals who paid digitally) (% of banked individuals who paid said category digitally)

0 10 20 30 1 2 3 4 5 6 7 8 9 Number of digitalized categories 2018 2025

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Table 1. Adoption and intensity of use of digital payments, according to population characteristics (percentage of banked people who made a purchase) Source: ENAHO

Category	Adoption 2018	Adoption 2025	Intensity 1-3 2018	Intensity 1-3 2025	Intensity 4-6 2018	Intensity 4-6 2025	Intensity 7-9 2018	Intensity 7-9 2025
Peru	20.4	56.9	49.8	35.6	38.1	33.7	12.1	30.7
Age
18 to 24 years	19.9	67.0	63.4	43.2	33.7	37.9	2.9	18.8
25 to 40 years	24.1	65.7	49.1	30.4	38.4	34.6	12.5	35.0
41 to 64 years	19.9	52.1	44.8	37.3	39.7	30.4	15.5	32.3
65 years and over	8.9	17.4	53.0	49.1	35.7	25.2	11.3	25.7
Education
Primary	2.5	26.6	79.8	50.3	15.0	28.9	5.2	20.8
Secondary	12.0	55.3	60.4	40.3	34.0	32.6	5.6	27.0
Non-univ. Higher	22.6	65.1	53.0	33.7	39.2	34.2	7.8	32.1
University Higher	35.8	70.5	44.2	28.3	39.6	35.4	16.2	36.2
Sex
Male	21.8	57.6	50.5	37.1	36.4	33.0	13.0	29.9
Female	19.0	56.3	48.9	34.0	40.0	34.4	11.1	31.6
Area
Urban	23.1	60.2	49.5	34.2	38.3	33.9	12.3	31.9
Rural	1.9	32.3	78.2	54.8	18.9	30.1	3.0	15.1

Adoption 1 to 3 4 to 6 7 to 9 Intensity of use (average number of categories purchased digitally)

AMA ANC APU ARE AYA CAJ CAL CUS HVC HUA ICA JUN LIB LAM LIM LOR MDD MOQ PAS PIU PUN SAM TAC TUM UCA PER 20 28 36 44 52 60 68 76 84 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 Adoption (% of banked people who made purchases) Intensity of use (average number of categories purchased digitally) High adoption, low intensity of use High adoption, high intensity of use Low adoption, low intensity of use Low adoption, high intensity of use

Chart 3. Adoption and intensity of use of digital payments in regions Source: ENAHO

A departmental look

The process has reached all regions of the country, although with differentiated advances. When classifying the regions according to the dimensions of adoption and intensity of use, with respect to the national average (Chart 3), four situations are identified. In a first group, La Libertad, Callao, Moquegua, Lima, Ancash and Piura combine adoption and intensity of use above the average. In a second group, Ica, Arequipa, Tacna, Ucayali, Junin and Tumbes present high adoption accompanied by intensity of use below the average, that is, a broad base of users who still concentrate their digital payments on a limited number of categories. In a third group, thirteen regions are located below the average in both dimensions, so the advance in digital payments depends simultaneously on the incorporation of new users and greater intensity of use among those who already pay digitally. Finally, no departments are observed that have low adoption and high intensity of use with respect to the national average.

In summary, the evidence from ENAHO indicates that, between 2018 and 2025, digital payments registered a simultaneous advance in adoption and intensity of use: the percentage of the banked population that uses digital means of payment to make purchases almost tripled, while those who already paid digitally expanded the number of spending categories they digitalize. The extension of use towards everyday spending and towards regions that started from reduced levels constitutes the most outstanding feature of the period and accounts for a process of convergence in relative terms. However, the persistence of absolute gaps associated with education level, rural area and age, as well as regional heterogeneity between use and intensity, evidence that the digitalization of payments is not yet homogeneous. In this framework, the continuity of initiatives aimed at promoting digital payments is decisive so that their benefits reach the entire population.

55. Likewise, the growing incorporation of artificial intelligence in financial services opens the possibility that, in a not too distant future, certain payment decisions will be delegated to automated agents that act under instructions previously defined by the user. Although these solutions are still in an early stage of development, they could modify the way in which the payment intention originates and pose new challenges in terms of traceability, responsibility and finality of settlement.

BOX 5 AGENT PAYMENTS: WHEN PAYMENT INTENTION IS DELEGATED TO ARTIFICIAL INTELLIGENCE

An agent payment is one in which the decision to initiate a transaction is delegated to an artificial intelligence (AI) agent that acts on behalf of the user based on a previously defined objective. Unlike traditional instruments—such as a card or a transfer via digital wallet—where the user decides in each operation what to buy, who to pay and for what amount, in an agent payment the user establishes an objective and a set of conditions—the mandate—within which the agent can search for alternatives, select an option and order the initiation of the payment. An illustrative example is to commission an agent to find and buy the cheapest airplane ticket for a specific date, subject to price limits, schedule, airline or merchant, without the user having to perform the search or validate each intermediate step.

The mandate is the element that preserves the user's control. It comprises the objective to be fulfilled and the parameters that delimit the agent's action: maximum amounts, allowed merchants, validity terms, authorized types of operation or conditions under which additional confirmation is required. Thus, while in a traditional payment the user instructs every aspect of the transaction, in an agent payment it is the agent who converts the general objective into a concrete payment instruction, but always within limits defined beforehand. This delegation explains why agent payments do not constitute a simple extension of existing channels, but a displacement of the point where the payment decision originates.

Where the change occurs: intention, authorization and settlement

To understand where the transformation occurs, it is convenient to decompose a payment into three layers: intention, authorization and settlement (Davidovic & Tourpe, 2026). In traditional payments, the user forms the intention and the system validates the authorization and executes the settlement. In agent payments, the sequence is modified at its starting point: the user formulates a general mandate and the agent translates it into the specific intention of each transaction. Authorization, in this context, can be understood at two levels: on the one hand, the prior authorization contained in the mandate; on the other, the transactional authorization that validates the use of the payment instrument in accordance with the rules of the corresponding provider. Before operating, the agent may receive a limited payment credential—for example, a token or instrument restricted by amount, merchant and validity—issued by the payment provider, the wallet, the issuer or a specialized credential provider. In this way, the data of the underlying instrument are not exposed to either the agent or the merchant. From there, the collection follows the usual chain towards the acquirer and, through the payment network, to the issuing bank, with the transaction duly signaled. The response travels the reverse path: once the collection is confirmed before the merchant, this notifies the agent that the operation was completed, and the agent transfers the confirmation to the user. The authorization and settlement stages retain their essential function and continue to require verifiable rules and deterministic results.

Intention layer of an agent payment

This distinction is relevant because AI agents operate on models that generate responses from probabilistic patterns: faced with the same mandate, their behavior may vary and not always be reproducible. Hence the predominant design consists of concentrating that decision-making capacity—of a probabilistic nature—in the intention layer, while deterministic rules are preserved in authorization and settlement.

Private sector responses

During 2025, interest in these payments ceased to be conceptual and materialized in solutions oriented to make the mandate verifiable and limit the agent's autonomy. Although providers have followed different approaches, three common lines can be identified: restrict the payment instrument through tokens or limited-use credentials; verifiably authenticate the identity of the agent; and standardize the exchange of information between the agent, the merchant and the payment providers. All these responses share the same design principle: substitute implicit trust in a digital instruction for verifiable, traceable credentials limited to the mandate granted by the user.

Regulatory implications

International bodies have begun to examine the phenomenon. The International Monetary Fund has highlighted that agent payments introduce a tension between the probabilistic nature of AI agents and the deterministic requirements of payment infrastructures; therefore, it proposes to analyze the phenomenon based on three layers: intention, authorization and settlement. In a compatible line, the Bank for International Settlements has emphasized the importance of preserving trust, integrity and finality of money and payment infrastructures in the face of new forms of digitalization and tokenization. From this analysis, three central challenges derive for the payments authority: verify the identity and mandate of the agent, which implies transitioning from Know Your Customer to a Know Your Agent; delimit responsibilities between user, developer, payment provider and merchant in the event of an erroneous transaction or fraud; and preserve the finality of settlement and operational resilience regardless of how the agent formed its decision.

For the payments authority, the phenomenon does not require starting from scratch, but adapting existing frameworks to ensure that the delegation of intention does not weaken traceability, responsibility or payment finality. This requires accompanying its development with market monitoring, dialogue with the industry, supervised experimentation through regulatory sandboxes and international cooperation.

56. The persistent inefficiencies of cross-border payments—in costs, speed, transparency and operational frictions—along with growing financial digitalization, have driven international initiatives aimed at modernizing these payments. In this context, Project Nexus seeks to interconnect national instant payment systems through a common multilateral platform, with the objective of facilitating faster, more transparent and lower cost cross-border payments, reducing the need to develop bilateral connections between jurisdictions.

BOX 6 PROJECT NEXUS: INTERCONNECTING DOMESTIC PAYMENT SYSTEMS FOR CROSS-BORDER PAYMENTS

Unlike domestic payments

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Graph 23 Average exchange rate of banking and Fintechs Source: Currency exchange Fintechs and digital solutions of large banks.

Graph 24 Exchange spread – Fintech and banking platforms Source: Currency exchange Fintechs and digital solutions of large banks.

61. It should be noted that the public information available on currency exchange Fintechs is limited, which makes it difficult to estimate with precision the number and amount of foreign currency exchange operations channeled through these platforms. In this context, individual coordinations were carried out with different currency exchange Fintechs so that they periodically remit aggregated information on their operations, which has made it possible to build consolidated statistics of a sample of Fintech companies in order to evaluate the growth of operations in this segment^13.

^13 With data as of June 2026, there is consolidated information from a sample of eight currency exchange Fintechs that have reported, voluntarily, quarterly information on their operations during the entire analyzed period. Some Fintechs that reported information from previous periods are excluded from the sample, but have discontinued sending updated information.

Exchange Rate (TC)	2019	2020	2021	2022	2023	2024	2025	2026
Y-Axis Range	3.20 - 4.00
Legend	TC Sale - Banks	TC Sale - Fintech	TC Purchase - Fintech	TC Purchase - Banks

Spread	2019	2020	2021	2022	2023	2024	2025	2026
Y-Axis Range	0 - 0.20
Legend	Spread Fintech	Spread Banking

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62. The amount traded by the currency exchange Fintechs of the analyzed sample amounted to US$ 2,632 million during the first half of 2026, which represents an increase of 14.4 percent compared to the same period of 2025 (US$ 2,301 million). However, said level remained stable compared to that recorded in the second half of 2025 (US$ 2,632 million). The year-on-year growth was driven mainly by operations carried out with legal persons, whose traded amount increased 22.4 percent, while operations with natural persons recorded a decrease of 5.2 percent.

Graph 25 Amount of operations of Currency Exchange Fintechs by client type (millions of US$) * Natural Persons | Legal Persons

• Purchase and sale operations from the point of view of the Fintechs. Source: Information reported by Currency Exchange Fintechs.

Period	H1 2025	H2 2025	H1 2026
Natural Persons	262	249	262
Legal Persons	406	396	371

63. In contrast to the evolution of the traded amounts, the number of operations showed a reduction in both segments. Between the first half of 2025 and the first half of 2026, operations carried out by natural persons decreased 16.8 percent, while those carried out by legal persons decreased 12.2 percent. This evolution reflects an increase in the average amount per operation, particularly in the business segment, which explains that the total traded value continued to grow despite the lower quantity of transactions.

However, the gross number of registered users on the currency exchange platforms continued to grow. As of June 2026, 1,129 thousand natural persons and 67 thousand legal persons were reported, so the aggregated figure rises to about 1.2 million users. This result represented a growth of 15.8 percent compared to June 2025 and 7.6 percent compared to December of that year.^14

^14 It should be noted that the figure presented corresponds to the number of registered users and not to active users, understood as those who carried out at least one transaction during the last month. Likewise, said figure is obtained from the sum of the users reported by each of the currency exchange Fintechs included in the sample. However, the same user can be registered and operate simultaneously on more than one Fintech to compare quotes and carry out transactions. Consequently, the aggregated number of registered users could overestimate the real quantity of unique clients served by this market segment.

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Table 6 Operations of Currency Exchange Fintechs *

Indicator	Natural Persons (H1 25)	Natural Persons (H2 25)	Natural Persons (H1 26)	Var H1 26/H1 25	Var H1 26/H2 25	Legal Persons (H1 25)	Legal Persons (H2 25)	Legal Persons (H1 26)	Var H1 26/H1 25	Var H1 26/H2 25
Number of exchange operations (thousands):	727	671	605	-17%	-10%	164	157	144	-12%	-8%
Purchase of FX	291	241	232	-20%	-4%	103	97	79	-23%	-18%
Sale of FX	436	430	373	-14%	-13%	62	60	64	4%	8%
Value of exchange operations* (US$ millions):	668	646	633	-5%	-2%	1,633	1,986	1,998	22%	1%
Purchases of FX	262	249	262	0%	5%	859	1,064	1,036	21%	-3%
Sales of FX	406	396	371	-9%	-6%	774	923	962	24%	4%
Number of registered users (thousands):	975	1,050	1,129	16%	8%	58	62	67	15%	7%

• Number of purchase and sale operations from the point of view of the Fintech company in the semester. Source: Information reported by Currency Exchange Fintechs.

64. In the first half of 2026, the aggregated amount of foreign currency purchase and sale operations carried out by Currency Exchange Fintechs represented 2.1 percent of the total spot operations of banking with the public. This participation was lower than the 2.2 percent recorded in the same period of 2025. This reflects the greater growth of banking exchange operations (23.5 percent) in comparison with the growth of amounts traded by Fintechs (14.4 percent) in the same period. Likewise, the participation of Fintech operations with respect to banking exchange operations for amounts less than US$ 500 thousand decreased slightly from 8.0 percent to 7.8 percent in the same period.

Table 7 Foreign currency operations of banking and Currency Exchange Fintechs (millions of US$) *

Period	Banking (total spot operations with public) (1)	Banking (operations for amounts less than US$ 500 thousand) (2)	Currency Exchange Fintechs (3)	(3) / (1)	(3) / (2)
H1 2025	103,227	28,782	2,301	2.2%	8.0%
H2 2025	111,492	32,372	2,632	2.4%	8.1%
H1 2026	127,443	33,685	2,632	2.1%	7.8%

• The data correspond to the flow of accumulated purchase and sale operations in the semester. Source: BCRP and information reported by Currency Exchange Fintechs.

65. During the first half of 2026, digital exchange houses expanded the services and solutions available to their clients, mainly for legal persons, which allows greater differentiation between platforms.

A digital exchange house disseminated an offer for business clients that includes a multi-bank functionality for payment dispersion. Through this service, the company negotiates the total amount of foreign currency required in a single operation and the resulting amount can be distributed among its accounts in different financial entities. Thus, it is not necessary to carry out an independent negotiation for each destination bank. The platform complements this functionality with a panel that shows the history of negotiated amounts, the evolution of the applied exchange rate, the estimated savings compared to banking, and reports for audit. These tools support the management of payments to suppliers, financial obligations in dollars, and foreign trade operations.

A Fintech platform announced the development of an international transfer service, with which it seeks to take advantage of the relationship it maintains with users who already carry out exchange operations. Likewise, it resumed the evaluation of its entry into another market in the region. As of June, the new service was not yet available and the regional expansion remained under study.

Some digital exchange houses introduced, in turn, specific improvements in their applications. A Fintech has incorporated an assistant that guides the user during their first operation, in order to reduce errors in registration and the initial transfer of funds. Likewise, it has updated the process to carry out exchange operations in favor of third parties, in order to facilitate those operations where funds must be credited directly to another person.

Furthermore, a Fintech platform obtained an international certification of its compliance management system. This certification evaluates the way in which the company organizes its controls and assigns responsibilities to attend to applicable regulations. The adoption of these standards reinforces security and trust, especially for business clients.

B. Financing

66. These companies facilitate the provision of financing for natural and legal persons through digital platforms, under one of the following modalities:

• Participatory financing or crowdfunding, in which multiple participants (Investors) finance the Project of a company or person (Receiver), through a virtual platform. This can be classified as: i) Financial participatory financing (FPF), where Investors seek a financial return, assigning resources to a Project. This activity can be carried out through two modalities: Loans and Securities (financing in exchange for representative values of capital or debt), and is regulated and supervised by the Superintendency of the Securities Market (SMV). ii) Non-financial participatory financing, where participants do not seek a return (for example, charity or donations).
• Non-participatory financing, where operations financed by a single lender are included: i) Direct loans and P2P, where the lender is directly the Fintech company or a single natural or legal person that lends through a Fintech platform that acts as an intermediary. ii) Factoring. Some Fintechs considered in this category finance invoices with the contributions of multiple investors (crowdfactoring). However, from the point of view of the SMV, they are not considered as FPF platforms and, therefore, are not under its scope of supervision.

Financial participatory financing (FPF)

67. In the first half of 2026, 205 projects were financed (reduction of 1.4 percent compared to the same period of 2025) for a total amount of S/ 65.4 million (increase of 11 percent compared to the same period of 2025). It should be noted that, unlike the previous year, two administering societies record financed projects in 2026. However, the activity continues to be concentrated basically on a single platform, while the participation of the second remains still limited.

For its part, the average ticket continues to register a growing trend in what goes of the year. This increase is in line with the redirection of FPF activity towards the financing of real estate projects, which register higher average financing amounts than other types of projects.

Graph 26 Number of projects financed on FPF platforms Amount financed of projects through FPF platforms (millions of S/) Average amount financed through FPF platforms (thousands of S/) Source: SMV web portal.

Period	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Number of projects	108	100	116	111	120	85
Amount financed (millions S/)	30	29	33	29	37	28
Average amount (thousands S/)	0	3.5	0	0	274	292

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68. The regulations that regulate the activity of financial participatory financing (FPF) were approved in 2020, although this activity had already been carried out in the Peruvian financial ecosystem for previous years. FPF is an alternative mechanism to the traditional financial system to channel resources from multiple investors towards the financing of personal and business projects.

Following the approval of the FPF activity regulation in 2021, the process of evaluation and approval of the first requests for operating authorization granted by the SMV to the administering societies of FPF platforms began. To date, the market is characterized by few platforms in operation, which has been reflected in lower growth of the number of financed projects. However, the recent modification of the regulation in November 2025 generates expectations of development of this segment (Box 7).

BOX 7 RECENT DEVELOPMENT OF FINANCIAL PARTICIPATORY FINANCING IN PERU

Financial participatory financing (FPF) or crowdfunding allows channeling, through a digital platform, the resources of a plurality of investors towards the financing of personal and/or business projects of a receiver, in exchange for a financial return for the investors.

The initial development of FPF activity in the country responded to two complementary incentives. On the receiver side, it offers an alternative or complementary source of financing to that provided by the financial system. On the investors side, it allows obtaining returns superior to those of traditional financial instruments, although assuming a greater risk.

The first initiatives concentrated on financing (loan modality) directed to personal projects, usually without guarantees. Subsequently, the activity began to be oriented towards the financing of business projects, in which the business flows and guarantees could contribute more elements for the evaluation and mitigation of credit risk.

In 2020, Emergency Decree No. 013-2020 approved the regulations that regulate the FPF activity and entrusted the Superintendency of the Securities Market (SMV) with its regulation and supervision. The regulation of the FPF activity (hereinafter, the FPF Regulation), approved in 2021, ordered the activity around the modalities of loans and securities; likewise, it regulated aspects such as the separate channeling of resources, the evaluation and disclosure of risks, the financing and investment limits, and the operational continuity of the platforms.

According to FPF regulations, the entry of platforms into the market comprises two stages: i) the organization authorization allows constituting the FPF platform administering society and has a maximum validity of one year, but does not enable publishing or financing projects; and ii) the functioning authorization allows initiating operations as an administering society^15 (to operate in the loan modality, this authorization requires the prior opinion of the SBS).

Evolution of the number of administering societies

The number of administering societies in operation maintained a sustained and growing trend between 2021 and 2024. The first two functioning authorizations were granted directly in 2022 to platforms that were already operating in the market under the loan modality^16 and, between 2021 and 2023, four organization authorization requests were presented^17 whose organizers, mostly, were related to the real estate sector.

^15 Entities that, before the issuance of the regulation, were already carrying out FPF operations through the loan modality and availed themselves of the transitory regime contemplated in the Regulation, had the possibility of directly requesting the functioning authorization as an FPF platform administering society. ^16 One of those entities obtained organization authorization, but later desisted from continuing the procedure to request functioning authorization.

However, between 2025 and 2026, one of the first entities that obtained functioning authorization ceased operating and left the market^17, while another entity that went through the organization and functioning authorization process did not publish any project during the one-year period, so it was initially suspended by the SMV and, finally, decided to leave the market^18. Likewise, another administering society failed to comply with the minimum capital requirement and withdrew from the market^19. As of August 2026, three platforms have functioning authorization, of which two are operative (record financed projects) and one of them concentrates the majority of the amount financed by FPF platforms.

^17 Through Resolution No. 039-2025-SMV/02, the functioning authorization of Afluenta Perú Administering Society of Financial Participatory Financing Platform S.A.C. was revoked. ^18 Through Resolution No. 015-2025-SMV/02, the functioning authorization of Proyecto Crowd Administering Society of Financial Participatory Financing Platform S.A.C. was cancelled, at the request of the company itself. ^19 Through Resolution No. 022-2026-SMV/02, the functioning authorization of Inversiones Neurona S.A.C. as Administering Society of Financial Participatory Financing Platform under the securities modality was cancelled.

Entry and exit of FPF platform administering societies

• Information as of August 3, 2026. Source: SMV and Official Gazette El Peruano. Own elaboration.

Year	2021	2022	2023	2024	2025	2026
New organization authorizations	0	2	4	5	3	3
New functioning authorizations	0	1	2	3	4	5
Exits						6
Companies authorized to function

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FPF activity under the securities modality

In Peru, FPF activity can be carried out through the loan modality, which generates a credit relationship between investor and receiver, or through the modality of securities representative of debt or capital, which incorporate economic rights and, in the case of capital securities, participation rights in the company. All administering societies of FPF platforms that operate in the local market operate basically under the loan modality.

The first platform authorized to operate under the securities modality did not finance any project under this modality and was suspended at the end of 2025 for failing to comply with the minimum capital requirement and, subsequently, requested the cancellation of its functioning authorization. In July 2026, the platform that records the majority of FPF operations and that operates under the loan modality obtained authorization to be able to operate.

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also under the modality of securities 20. Thus, the market has a platform enabled to structure the financing of business projects through securities representing debt or capital. To date, projects have not yet been financed under the modality of securities.

This modality can expand the financing alternatives for business projects, but also increases the complexity for the investor. In addition to the risk of default, the valuation of participations, the economic and voting rights associated with capital securities, periodic information, conflicts of interest and the limited possibility of exit become relevant.

Regulatory Modifications

Through Resolution SMV No. 019-2025-SMV/01 of November 2025, the most extensive reform of the FPF Regulations since its approval in 2021 was introduced, considering the accumulated experience of the supervisor in the application of the initial regulatory framework. The SMV indicated that the modifications sought to incorporate flexibilizations to promote greater dynamism and the orderly development of the activity, maintaining investor protection.

In particular, the changes seek to address restrictions on scale and territorial scope of platform operations, as well as expand the services available to the investor. On the one hand, the expansion of financing limits per project and per recipient seek to reduce a relevant restriction for larger scale business projects (mainly, real estate projects); likewise, it is exceptionally permitted to finance business projects developed abroad subject to compliance with certain requirements. On the other hand, the possibility that the platform can offer a dissemination environment to transfer credit rights or securities introduces an exit path for the investor, although the transfer still depends on finding a counterparty and agreeing on transfer conditions outside a centralized trading system. For its part, the representation of bondholders by the administrative company will facilitate compliance with a necessary function for debt issues carried out in the FPF activity through the modality of securities. 21

Main regulatory changes approved in November 2025

Aspect	Previous Regime	Modification
Maximum limit per business project	Up to 500 UIT.	Up to 1,000 UIT if the evaluation methodology is reinforced, by incorporating specific variables for larger operations, such as the relationship between financing and project value (loan to value), as well as the existence and coverage of guarantees.
Maximum limit per recipient	For natural persons: up to 100 UIT, within a period of twelve months. For legal entities: up to 750 UIT, within a period of twelve months.	Up to 1,500 UIT for natural or legal persons who finance business projects subject to the reinforced methodology. For the calculation, the outstanding capital balance is considered.
Place of project development	It had to be developed entirely in Peru.	Business projects abroad are exceptionally permitted for recipients with satisfactory prior experience in FPF, local track record and adequate credit situation. High-risk jurisdictions are excluded.
Transfer of investments	There was no specific service to disseminate transfers of loans or securities previously financed.	The platform can offer a dissemination environment to transfer credit rights or securities. This service does not constitute a secondary market nor a price formation mechanism.
Representation of bondholders	It was not expressly contemplated.	The administrative company can represent bondholders in debt issues offered on its platform if it provides the collection service and communicates it previously to the SMV.

Source: Resolution SMV No. 019-2025-SMV/01. Own elaboration.

20 Through Resolution No. 076-2026-SMV/02, INVERSIONES.IO Sociedad Administradora de Plataforma de Financiamiento Participativo Financiero S.A.C. is authorized to carry out the FPF activity in the modality of securities. 21 In debt issues with numerous investors, the representation of bondholders facilitates the collective exercise of their rights and the coordination of actions in case of default or modifications of the issue conditions.

Finally, the SMV Early Agenda 2026-2027 contemplates evaluating the need and scope of a regulatory sandbox for novel models of the securities market. Although the initiative does not constitute a specific modification of FPF regulations, it could offer a controlled space to test new financing structures, technologies or services related to FPF activity, before the eventual approval of a regulatory framework of general scope.

Conclusions

FPF activity in Peru still shows opportunities for growth and development. One of the main challenges of this market is the entry of new FPF platforms. Although in the first years since the FPF activity was regulated a growing number of requests for authorization of new administrative companies was observed, this interest has declined and even several entities decided to leave the market in recent years. Furthermore, although there are currently three administrative companies in operation, operations are concentrated basically on a single platform. Therefore, it is important to promote the entry of new participants.

In this sense, recent modifications to the FPF regulatory framework could encourage greater market development. Thus, it is expected that the flexibilization of operational limits and the new services that platforms could offer may dynamize this market, in particular the development of financing of business projects under the modality of securities. Likewise, the authorization granted by the SMV to an FPF platform to operate under the modality of securities can expand financing options for business projects, mainly those oriented to the real estate sector. This could favor greater diversification of operations and a gradual expansion of the FPF market.

Non-participatory Financing 22

69. Loans. Digital credit continues to expand through the incorporation of new technologies, although challenges persist in the user experience at the time of making the credit request. In particular, Fintechs are implementing artificial intelligence tools, biometric recognition and digital validation processes to reduce frictions, strengthen fraud detection and improve credit evaluation. These capabilities accompany the growth of the segment, which, according to the Peru Lending Association, projects reaching S/ 1,700 million in disbursements during the year 2026.

However, the abandonment of requests continues to be one of the main challenges for the expansion of digital credit 23. Among the factors that explain this behavior, extensive forms, connectivity problems, identity validations, difficulties uploading documents and the distrust of some users towards digital procedures stand out.

22 Direct and P2P loans, as well as factoring operations, are subject to the maximum compensatory and moratory interest rates set by the BCRP, but are not supervised by the SBS or by the SMV. 23 According to the Fintech Association of Peru, it is estimated that, in some cases, approximately three out of ten credit request applicants abandon the process.

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In the loan segment, two main types of Fintechs can be identified. On the one hand, there are those that specialize in credits to companies, mainly micro and small enterprises (MYPE), which usually require guarantees and/or minimize their credit risk through careful evaluation and selection of clients, based on transactional information obtained in alliance with other companies.

Business financing maintains a growth trajectory, accompanied by greater diversification of products and funding sources. During the period, a Fintech obtained financing for approximately US$ 27 million 24 to expand its origination capacity and strengthen its offer aimed at MSMEs, while evaluating incorporating products such as leasing and unsecured credits. Likewise, some platforms are expanding their coverage towards new markets in Latin America, such as Colombia and Mexico.

In parallel, credit to natural persons continues to expand its coverage through models specialized in certain segments. During the period, a Colombian Fintech began its expansion towards the Peruvian market with a financing proposal for medical treatments, after having raised financing (debt and capital) for more than US$ 100 million, with a goal of serving approximately five thousand patients during the year 2026. This model evidences the growing specialization of digital credit in specific needs.

The transition of Fintechs towards regulated companies with completely digital business models is also observed. During the semester, a Uruguayan Fintech that had been operating in the local market in alliance with an electronic money issuing company obtained operating authorization from the SBS to operate as a credit company, as well as to issue electronic money. With this, it becomes the first 100 percent digital financial entity that will operate in the Peruvian financial system. The authorization will allow it to continue offering the services it was already providing, as well as expand its offer towards low-amount digital credits.

Likewise, some business financing platforms contemplate the transition towards regulated companies within their medium-term strategies. In particular, a Peruvian Fintech has defined a roadmap of approximately five years that contemplates its evolution towards a supervised digital bank, previously passing through figures such as the investment fund administrative company (SAFI). This strategy seeks to accompany the scaling of its operations and expand its capacity to access institutional funding sources.

70. Leasing. This Fintech segment offers financing through financial leasing operations, in which the lessor cedes the use and enjoyment of an asset (movable or immovable) to the client or lessee, through the payment of periodic installments that include the cost of that cession plus the interest and financing expenses of the acquired asset.

The leasing segment maintains an evolution towards more specialized models and with a greater technological component. During the period, a Fintech specialized in leasing of technological equipment registered placements of approximately US$ 3 million at the close of 2025 and projects growing more than 35 percent in 2026, while it expects to invest US$ 5 million to expand its operations. Likewise, the Fintech, which to date operates in Peru and Colombia, plans to enter at least one new market in Latin America, either Ecuador or Chile, during this year.

24 Includes an institutional credit line granted by a British fund for US$ 25 million and capital contributions from the Fintech's shareholders for US$ 2 million.

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In addition, some Fintechs that operate in other financing segments are also diversifying their product offer, incorporating leasing operations, which may favor greater competition and deepening of this segment in the medium term. In particular, a Colombian Fintech specialized in financing medical treatments for natural persons has announced a new leasing line aimed at financing medical equipment for clinics and health professionals. Likewise, a business financing Fintech evaluates incorporating leasing operations as part of its product portfolio.

71. BNPL. Companies specialized in the "buy now, pay later" or Buy Now, Pay Later (BNPL) service offer a digital solution to grant financing, usually in few installments and without interest, to the final buyer of goods (mainly consumer), through the platform of the affiliated stores that sell said goods. This financing is provided by entities of the financial system and Fintechs.

On the one hand, BNPL solutions linked to banking entities are expanding their reach through the incorporation of new user profiles and greater diversification of financed goods and services. During the semester, a platform associated with an international banking group reported average tickets of S/ 1,800 in physical establishments and of S/ 1,200 in electronic commerce, especially for the purchase of goods and services in categories such as technology, health, education, tourism, fashion and decoration. Likewise, the BNPL solution is extending its offer towards users with debit cards, while greater dynamism of operations is observed in provinces and emerging zones.

Likewise, a growing specialization of BNPL solutions is observed according to consumption needs and sales channels. Along with proposals linked to financial entities, Fintechs have entered or strengthened their presence through solutions oriented to specific categories of goods and services, such as technological products, clothing, footwear and tourism. In particular, some solutions developed by companies linked to commerce integrate financing directly at the time of purchase, adapting the conditions of the operation to the characteristics of the product and the user.

In addition, ecosystem actors continue to strengthen their credit evaluation mechanisms to manage the risk of over-indebtedness. Platforms carry out real-time evaluations to determine the amount and term of each approved operation, using information on user behavior and consumption patterns, in addition to their credit history. Likewise, some companies voluntarily report information to risk bureaus, while others are incorporating artificial intelligence tools to strengthen credit scoring, detect fraud and recover unfinished financing requests.

72. Factoring. These Fintechs are oriented to MSMEs (suppliers of large companies) and present certain advantages over other financing options, since they allow obtaining immediate liquidity 100 percent online and without long procedures; so that, in this way, MSMEs can: i) pay suppliers and employees; ii) reduce administrative expenses related to collection; iii) reinvest resources more quickly; and iv) generate new businesses.

Thanks to the digitalization of their operations, factoring Fintechs can provide liquidity to MSMEs in a shorter time than traditional financial entities.

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For example, some Fintechs disburse cash in a period of two to three days or, even, on the same day if the MSME is a recurrent client.

Additionally, the Fintech as factor (acquires the invoice and grants financing) offers the assignor (provider of the good or service, who receives financing in exchange for delivering their invoice for collection) two modalities of factoring: with recourse and without recourse. In the first case, if the debtor (acquirer of the good or service, who is obliged to pay the invoice) does not pay the invoice, the assignor is responsible for complying with the payment of the invoice to the Fintech. In the second case, if the debtor incurs non-payment of the invoice, the Fintech assumes the loss directly.

The main business models identified in the factoring Fintech segment are the following:

• Multiple investors can finance the same operation or invoice (crowdfactoring) 25. Investors transfer funds to the Fintech's own bank accounts, which in turn maintains ownership of the negotiable invoice in CAVALI. In case of a non-payment event, the Fintech is responsible for carrying out the respective judicial procedures.
• The funds of the investors who choose the invoices in which they will invest are also kept in the Fintech's own bank accounts, but the investors maintain ownership of the invoice. Therefore, in case of eventual non-payment, the investors carry out the judicial procedure to demand payment of the invoice. It should be mentioned that an investor must acquire the entirety of an invoice, that is, it is a P2P financing.
• The investor accesses a pool of negotiable invoices, which allows them to obtain exposure to a specific economic sector or to a diversified set of sectors, instead of a single invoice. This approach favors the diversification of the investment portfolio and decreases the risk of concentration in a single project.

According to information from PRODUCE 26 for the first half of 2026, the factoring market grew compared to the same period of the previous year, both in number of operations (9.6 percent year-on-year) and in amount of operations with negotiable invoices (15.7 percent year-on-year). This growth is explained, in part, by the dynamism of factoring Fintechs.

25 Financing alternative in which the MSME cedes its invoice to the factoring Fintech so that it can finance it with the participation of multiple investors, who obtain a profitability for the acquired percentage of said invoice. These financing operations are carried out through the platforms of factoring Fintechs. 26 Monthly Report of Negotiable Invoices - June 2026. https://www.producempresarial.pe/wp-content/uploads/2026/07/Reporte-Factoring-Junio-2026.pdf

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Chart 27 Amount of negotiable invoices (Billions of S/) Number of negotiable invoices (Thousands)

Year	2019	2020	2021	2022	2023	2024	2025	2026
Amount	85	82	84	82	82	81	81	80
Number	15	18	16	18	18	19	19	20

Source: PRODUCE. Own elaboration.

Although the negotiable invoices market continues to be concentrated in Lima, the relative participation of the regions shows a growing trend. In this sense, several factoring Fintechs have indicated that one of their objectives is to extend the reach of financing operations with negotiable invoices outside of Lima, where there is a potential market of companies that could access this financing alternative.

Chart 28 Geographic concentration of negotiable invoices

Period	T1 2025	T2	T3	T4	T1 2026	T2
Value	472	497	529	573	516	546

Legend: Lima, Regions Source: PRODUCE. Own elaboration.

C. Capital Market

73. In this category, Fintechs and digital platforms that facilitate public access to investment instruments (shares, bonds, mutual fund participation units, among others) are grouped. In this vertical, competition between Fintechs, digital solutions of banking or subsidiary companies of financial groups, and foreign firms is observed. Since the end of 2025, the introduction of innovative models to the local market by foreign firms stands out, as well as the entry of retail participants through vehicles offered by institutional investors, such as mutual funds.

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During the first half of 2026, a banking entity incorporated a functionality into its mobile banking application to invest in mutual funds. From the same channel used to make payments and transfers, the client can open an investment account, complete their risk profile assessment, compare available alternatives, and acquire participation units in mutual funds. The funds continue to be managed by a supervised management company, while the banking application functions as a distribution channel. The improvement consists of bringing an investment product closer to the environment that the client frequently uses to manage their accounts, without the need to go in person to a bank branch or log into a different platform.

On the other hand, a Peruvian Fintech incorporated portfolios into its platform that group stocks and ETFs according to a determined strategy or theme (such as shares of technology companies or shares that distribute dividends). The user chooses the portfolio and the amount they wish to invest, and the platform distributes the resources among its components according to a previously defined composition. Unlike a mutual fund, the investor maintains individual positions in each stock or ETF and can sell them separately or liquidate the entire portfolio. The functionality simplifies the formation and execution of a diversified portfolio, although the choice remains the responsibility of the user and does not constitute personalized advice.

In the first half, the entry into the Peruvian market of a financial planning platform supported by artificial intelligence was also announced. Based on information on objectives, investment horizon, financial situation, and the user's risk profile, the tool elaborates a plan, recommends alternatives according to their characteristics, and explains the reasons for each recommendation. When a more specialized evaluation is required, digital guidance can be complemented with the participation of an investment advisor. The proposal represents a use case of artificial intelligence to personalize and expand the reach of financial advice. Although its entry into the country was planned for the second half of 2026, to date, the service is not yet available.

74. In the local stock market, a growing participation of retail investors (natural persons) has been observed. As of June 2026, around 457 thousand investors of this type were registered and, during the first half of 2026, 21 thousand new retail investor accounts were opened, which is equivalent to half of the accounts registered in the entire year 2025. Likewise, natural persons represent 37 percent of the volume of shares traded as of June 2026 (versus 30 percent as of December 2025).

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Chart 29 Composition of the volume traded in cash shares by type of investor (in %) Source: CAVALI. Own elaboration.

Year	PN residents	AFP	PJ residents	Non-residents
2020	20%	25%	23%	28%
2021	15%	30%	37%	11%
2022	19%	29%	18%	20%
2023	15%	27%	11%	37%
2024	34%	45%	51%	47%
2025	38%	43%	18%	14%
June 2026	10%	14%	8%	14%

New accounts opened by natural persons in the period (thousands) Source: CAVALI (extracted from Gestión newspaper). Own elaboration.

Year	New Accounts (thousands)
2022	12
2023	14
2024	81
2025	42
2026	21

D. Fintech Regulation and financial innovations

75. The Superintendency of Banking, Insurance and AFP (SBS) has been publishing various documents, as part of the development and implementation of the Open Finance System (SFA). According to the Roadmap published at the beginning of this year, the SBS is gradually advancing with the first two phases (diagnosis and development of the regulatory framework) contemplated in the SFA (see Box 8).

BOX 8 ADVANCES IN THE IMPLEMENTATION OF THE OPEN FINANCE SYSTEM IN PERU

In what has passed of this year, the first advances towards the implementation of the Open Finance System (SFA) in Peru have been concretized, including the publication of the Roadmap, the approval of the regulation for the provision of services under the Banking as a Service model (hereinafter, the BaaS Regulation), as well as the publication of the diagnosis results and the dissemination of a version for public consultation of the Guidelines for the Functioning of the SFA.

Roadmap

In February 2026, the SBS published the Roadmap for the implementation of the SFA, organized in four progressive phases. The schedule established in this document contemplates a gradual execution, with regulatory, technical and implementation activities. The content and main milestones foreseen for each phase are summarized in the following table.

Phases	Main activities	Foreseen schedule
Phase 1: Diagnosis and definition of the baseline.	Evaluation of the regulatory framework, the technological and operational capacities of the entities and the preparation of the market through questionnaires and bilateral meetings. <br> Holding of working groups to analyze use cases, governance, monetization, API, cybersecurity, consent and other components of the system.	End of 2025 - first half of 2026.
Phase 2: Development of the regulatory framework and technical specifications.	Elaboration of governance, security, access and consent rules; regulation of BaaS; selection of the first two groups of data and elaboration of their technical specifications; and evaluation of the incorporation of third-party providers, such as Fintechs.	2026 - 2027 <br> BaaS Regulation (2026); general regulation and specifications of the first group of data (end of 2026); specifications of the second group of data (mid-2027).
Phase 3: Gradual implementation of open banking.	Adaptation to the BaaS regulation; initial incorporation of entities with the largest market share and other supervised entities that enter voluntarily; interoperability, API and consent tests; and implementation of the first two groups of data.	Second half of 2026 - 2028. <br> First group of data (end of 2027); and second group of data (mid-2028).
Phase 4: Consolidation of the open finance model.	Expansion of open banking towards open finance through the progressive incorporation of new participants, sectors and data groups, including insurance, pensions, Coopac and Fintech.	From 2029, with the subsequent incorporation of other data groups.

Diagnosis and SFA Guidelines

As part of Phase 1 of the Roadmap, the SBS elaborated the SFA diagnosis (hereinafter, the Diagnosis) based on a questionnaire answered by about 70 institutions from the financial, cooperative and Fintech sectors. Between January and April 2026, more than 60 bilateral meetings were held with banks, financial companies, microfinance entities, electronic money issuers, savings and credit cooperatives (Coopac), Fintechs, technological providers and specialists. Then, between March and June, five working groups were developed on use cases, governance, monetization, API specifications 27, cybersecurity, consent and SFA components. Likewise, in these collaborative sessions the possibility of managing certain components in a centralized manner, either by the SBS or by a specialized instance, such as the directory of participants, performance monitoring and dispute management, was discussed.

The groups brought together more than 200 in-person participants and more than 500 virtual ones, corresponding to 80 institutions. The process included coordinations with the BCRP, the National Authority for the Protection of Personal Data, INDECOPI, the MEF and the SMV. Likewise, meetings and information exchanges were held with regulators, associations and companies from the United Kingdom, Brazil, India, Colombia, Chile, Spain and the United States, and technical assistance from the World Bank was counted. It should be noted that the SBS indicates that the results of the Diagnosis reflect exclusively the opinions, perceptions and contributions of the participants and do not necessarily constitute an institutional position, evaluation or opinion of the SBS. On July 6, 2026, Phase 1 of the Roadmap was concluded.

Subsequently, as part of Phase 2 of the Roadmap, a preliminary proposal of the Guidelines for the Functioning of the SFA (hereinafter, the Guidelines) was published, taking into consideration the results of the first phase. The relationship between both documents is presented in the following table.

Aspect	Diagnosis: starting point	Guidelines: preliminary development
Governance	Centralized conduction by the SBS.	Centralized governance in charge of the SBS with coordination of participants through a consultative group, with functions of regulation, definition of standards and supervision.
Participation and access	Access criteria; initial and periodic evaluation of capacities; gradual incorporation, starting with entities with the largest data volume.	Initial participation of supervised companies; voluntary adhesion; mandatory calendar; institutional registration and technical enablement. <br> The mechanisms to incorporate entities outside the perimeter of the SBS remain under evaluation.
Roles and responsibilities	Definition of data providers and receivers; security, traceability, interoperability, quality and information treatment obligations.	Data Providing Entities (EPD) and Data Receiving Entities (ERD) are defined; including Account Aggregation Service Providers (PSAC). <br> Responsibilities are assigned on reciprocity; accurate, complete and timely information; auditable records and coordination before incidents.
Use cases and shared data	Data necessary for: (i) credit evaluation with transactional data; and (ii) personal and business financial management.	Contemplates progressively enabling identification data, transactions, financial products, insurance and pensions. <br> Transactional information of savings accounts, electronic money accounts and credit cards is prioritized.
Standards and interoperability	REST, OAuth 2.0 and OpenAPI 28; FAPI 29 as reference; data dictionary and ISO 20022 as possible guide.	FAPI Peru Profile based on FAPI 2.0; OAuth 2.0, OpenID Connect and mTLS; REST API with exchange in JSON 30; API standards and common dictionary.
Consent and experience	Clear, understandable and homogeneous processes to grant, modify and revoke consent.	Prior, express and informed consent, with mechanisms to consult, renew, modify and revoke it.
Disputes and supervision	Clear and timely mechanisms to resolve disputes, with service levels and protocols before interruptions.	Evaluation of a dispute resolution mechanism, a continuous supervision scheme and corrective measures before operational failures.
Monetization	No consensus between gratuity, freemium modality or pay-per-use; possibility of premium API.	Evaluation of charges between EPD and ERD, based on costs and subject to objective, transparent, reasonable and non-discriminatory criteria.

Note: the Guidelines have a consultative character; therefore, the right column describes proposals or matters under evaluation, not definitive obligations. Source: SBS. Own elaboration.

Regarding shared data, the Guidelines specify that the initial exchange would comprise information from the previous six months and that, from the second half of 2028, it would cover the last twelve months. In relation to this horizon, the Diagnosis indicates that a history of at least three months could support products of lower complexity, such as microcredits, while mortgage credits would require wider periods. The progressive scope also contemplates more detailed information on the conditions of financial products, such as interest rates, installments and payment schedules; on insurance, such as premiums, validity and coverages; and on pensions, such as contributions and accumulated balances.

BaaS Regulation

Phase 2 of the Roadmap also contemplates the publication of the BaaS Regulation, which after a period of public consultation of the regulatory project, was approved via SBS Resolution N.º 01747-2026 of July 3, 2026. This regulation establishes the guidelines for multiple operation companies and electronic money issuing companies (EEDE), as BaaS service providers, to enable third parties supervised or not by the SBS (BaaS service receivers) to offer certain financial services using their regulated infrastructure. Among these services are the opening, maintenance and closure of deposit and electronic money accounts, as well as the collection, payments and transfers through said accounts, the granting of credits, the issuance and administration of credit and debit cards, and the marketing of insurance products and services through banking entities.

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The BaaS service provider maintains the contractual relationship with the client and the responsibility before them and the SBS for the services provided through the receiver. For this, it must establish policies, procedures and controls for the provision of BaaS services and ensure compliance with applicable regulations regarding: i) credit risk management; ii) operational risk management; iii) management of money laundering and terrorist financing risk (ML/TF); and iv) management of information security and cybersecurity. Likewise, it must establish maximum frequency limits of operations derived from the permitted financial services and evaluate previously and during the contractual relationship the operational and technological capacity of the receiver. For its part, it is established that a BaaS service provider can sign contracts with more than one receiver for the provision of the same financial service. However, it may not enter into a contract with a receiver that already maintains a current agreement with another provider for that same service.

Regarding the receivers of BaaS services, particularly when they are non-supervised companies, the Regulation prohibits using in their corporate name, forms and any other means, terms that may induce thinking that they carry out operations that require authorization from the SBS or that they are under its supervision, when they are not authorized for it. Likewise, they must inform, in a visible and permanent manner, that they are not companies authorized nor supervised by the SBS, when applicable, as well as communicate this condition to the client before contracting. The receivers also cannot subcontract the services received from the BaaS service provider and must comply with the obligations that are contractually established regarding transparency, claims management, incident reporting and information security.

Finally, the Regulation indicates that, when the services provided under the BaaS model comprise, involve or facilitate payment services, or any other activity within the framework of the National Payments System, the entities involved must subject themselves to the provisions and rules that the BCRP establishes in the scope of its competence and its role as governing body.

Comments

The Roadmap has organized the implementation of open finance in Peru as a gradual process, with defined phases, activities and milestones. This sequence provides predictability to the participating entities and a common reference for coordination. Maintaining that articulation will be important so that the advances of each phase converge in the implementation and effective functioning of the SFA.

The Diagnosis phase allowed building a baseline with broad participation of actors and transferring to the SFA design the main regulatory, operational and technological gaps identified. The main contribution of this phase has been to link the existing capabilities of the market with use cases that offer potential benefits for users, in particular credit evaluation and financial management. Going forward, it will be important that this evidence translates into verifiable priorities, preparation criteria and monitoring mechanisms that allow measuring the closing of gaps before each implementation stage.

On that basis, the Guidelines represent a concrete advance by proposing incorporation dates, roles, initial groups of data to share, access requirements and common technological components. In the future, it will be important to complement those proposals with verifiable priorities, preparation criteria and mechanisms for monitoring the closing of gaps, as well as articulating the regulation, technical specifications, certifications and tests necessary to make viable the first data exchange projected for the year 2028.

The incorporation of entities in the SFA by stages can reduce the risks of a simultaneous start-up and allow adjustments based on initial experience. However, the Guidelines do not yet specify how entities that are outside the scope of supervision of the SBS, including some Fintechs, may enter. In that sense, defining and making this procedure known will be important, since the participation of Fintechs could expand the diversity of services and favor innovation, maintaining adequate conditions of security and user protection.

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Likewise, user confidence will depend on being able to understand what information they share, with whom and for what purpose, as well as easily modifying or revoking their consent. This experience should be complemented with timely mechanisms to attend to incidents and claims. The education and dissemination actions foreseen in the Roadmap will also be relevant so that users know the benefits, risks and protection mechanisms of the SFA.

76. The SMV cancelled the operating authorization of a FPF platform management company, but authorized the operation of a new company and expanded the authorization of another to operate under the securities modality.

Via Superintendent Resolution N.º 022-2026-SMV/02, the SMV ordered the cancellation of the operating authorization of Inversiones Neurona S.A.C. Financial Participatory Financing Platform Management Company, as a FPF platform management company under the securities modality. This cancellation dictated by the SMV was carried out at the request of the party, attending to the request of the entity itself presented last January 29.

Likewise, via Superintendent Resolution N.º 065-2026-SMV/02, the SMV authorized the operation of Securite Financial Participatory Financing Platform Management Company S.A.C. as a FPF platform management company, in the loans modality, ordering its inscription in the Special Registry of FPF Platform Management Companies.

Previously, in June 2025, the SMV had granted the organization authorization to Music Securities Inc. and the Abaco Savings and Credit Cooperative, as organizers of the entity, via General Intendancy of Investigation and Innovation Resolution N.º 002-2025-SMV/12.1.

On the other hand, via Superintendent Resolution N.º 076-2026-SMV/02, the SMV authorized Inversiones.IO Financial Participatory Financing Platform Management Company S.A.C. to carry out FPF activities under the securities modality. The aforementioned company already had authorization to operate under the loans modality, granted via SMV Resolution N.º 048-2022-SMV/02, so the new authorization allows it to expand its activities to the financing of business projects through the issuance of debt or capital securities.

77. Financial leasing companies not included in the scope of the General Law are incorporated as obligated subjects to report to the Financial Intelligence Unit (UIF-Perú). This measure, established in Supreme Decree Nº 008-2026-JUS, also includes Fintech leasing companies and aims for said companies to implement a money laundering and terrorist financing prevention system (ML/TF), in line with the international standards of the Financial Action Task Force (FATF). In that sense, the entities subject to this new regulation must comply with what is established in SBS Resolution N.º 789-2018, which requires the implementation of ML/TF prevention systems, the designation of compliance officers and the update of due diligence policies and procedures.

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27 API (application programming interface): set of protocols and tools that allows two systems to communicate and exchange data

28 REST is an architecture style for web services; OAuth 2.0 is a framework to authorize accesses; and OpenAPI is a specification to describe and document API.

29 Financial-grade API (FAPI): set of advanced security profiles of the OpenID Foundation, designed to protect API that process sensitive financial data.

30 OpenID Connect is an identity layer based on OAuth 2.0; mTLS mutually authenticates the ends of a connection through certificates; and JSON is a standardized format to structure and exchange data between systems.