YAPE He launched his new massive campaign “Brothers Yapean”, starring the popular cumbia group Yaipén brotherswith the aim of promoting the new uses of the wallet. The application offers ten functionalities that have allowed it to reach the new milestone of the 15 million active users, over a total of just over 17 million downloads.
The campaign seeks to value the ease, speed and convenience of making all types of payments from a single application; A value proposal that has consolidated Yape as the leading digital wallet in the country and one of the main drivers of retail payments in Peru, together with PLIN.
Precisely the success of both schemes has contributed “largely” to the significant development of retail payments other than cash in the country, according to economists from the Central Reserve Bank (BCR), Arturo Andía, Marcelo Bución and José Aurazo. In an article published in the Currency magazine, they pointed out that, although countries like Brazil and Chile present the highest levels of this type of perhabitant transactions (563 and 440, respectively), Peru is the one that has accelerated the most in this area since 2018.
In 2023, the average number of low value payments made by digital media in Peru increased 550% compared to 2018, going from only 34 to 221 per person, according to BCR figures.
“Other countries, such as Peru, are also showing significant advances, (…) so it became the country with the highest growth in Latin America,” they said in the report.
Success factors
Among the factors that explain the progress of digital wallets, economists highlight design characteristics such as ease of use, the absence of commissions, a wide network of users and shops, and interoperability with other payment methods.
“What really allowed Yape and Plin to stand out among the other payment instruments were their design characteristics,” they said.
In the case of Yape, its wide network has allowed more than seven million people to use their functionalities for daily payments. Claudia Silva, Head of Payments of Yape, said that among the most used operations are the prepaid cell phones, available from S/3 with four operators and without affecting the daily limit of transactions, and Yapear services, which allows to pay more than 800 companies, including public and educational service companies.
Silva also stressed that the functionality with the highest volume of operations is “YAPE in POS”, which allows us to pay through QR code in the devices of more than 400 thousand affiliated commercial establishments.
He added that one of the most used new features is to “approve purchases”, which allows you to pay with YAPE in more than 10,000 web pages or applications by entering the code generated in the section of the same name within the app. The maximum amount to Yapear online is S/2,000 daily, without affecting the regular use limit.
On the other hand, in addition to the design of applications, the authors indicated that the greatest internet coverage and access to smartphones served as enabling, while the pandemic acted as a catalyst for the mass adoption of these tools.
This growth in digital payments has also had an impact on the use of cash. According to the BCR, in the last decade the participation of low -denomination tickets (S/10 and S/20) decreased from 35%to 25.2%, and the annual production of currencies fell by 23%.
In that sense, economists Santiago Villafuerte and Juan Medina, also of the BCR, indicated that the use of cash as a means of payment in the public transactions went from representing 90% in 2014 to between 60% and 70% in 2024.
TAKE INTO ACCOUNT
Currently, YAPE allows to transfer money in soles and dollars, access to microcredits, cell phones, change dollars, remittance reception, payment of services, purchases in its marketplace yape store, purchase of tickets, promotions, purchase of bus tickets, among others.
The traditional yapeo (transfers) allows to send to S/500 per operation and up to S/2,000 per day. In addition, the monthly limit to receive money is 5 UITS (S/26,750).
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