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BIM_Opinion Piece

Carolina Benavides, GABV (Peru): Peru eWallet…

Carolina Benavides, GABV (Peru): Electronic Wallet To Change Lives of Millions in Peru

I recently attended the launch of a very unique financial service in Peru, sponsored by local banking association ASBANC. BIM (Billetera Móvil – Mobile Wallet) is an electronic wallet that will make life easier for millions of Peruvians, putting the tools for financial management and independence right in the palm of their hands.

All you need is a mobile phone to make a range of financial transactions (send and receive money, pay bills, etc.). You don’t even need a bank account; as long as you own a device, you can avail of the services. It is easy, safe and inexpensive! 

BIM_Opinion Piece It’s ground breaking; especially when you consider that over 34 financial institutions (banks, credit unions and electronic money companies) have collaborated and successfully agreed to use a common electronic money platform, open and interoperable, that works with all telecoms. companies in the region.

In a country like Peru, this is  significant considering only 29% of the adult population has a bank account, and almost half of them use bank accounts to withdraw money only. Less that 11% of the adult population has loans from formal sources.

BIM anticipates including over 5 million new Peruvians in the financial system in the next 5 years, with over 2 million expected to actively use the service.

BIM will bring transactional services to the traditionally excluded populations, and will develop an ecosystem of digital payment methods that only require a mobile phone (even a pay-as-you-go) to operate.

BIM will also add value on a number of macro levels:

  • The population will have increased access to financial services and financial management;
  • The banking sector will have increased access to data, enabling product and service innovations;
  • The telecoms companies will expand their reach and as a result deliver more service enhancements across the country.

It’s amazing how a ‘simpl
e’ financial services solution can have such a lasting and vital impact on a country, industry and the economy. This is a perfect example of #BankingOnValues and how serving the real economy and the real needs of people and communities, can make economic and social impact.

Opinion Piece courtesy of Carolina Benavides, Latin American Regional Representative, GABV. 

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