Real-time payments went live in Peru with the launch of Immediate Interbank Transfers in 2016. Although real-time payments have been available for quite some time, their adoption and usage have not gained significant traction due to the country’s high unbanked population, inadequate banking infrastructure, lack of awareness about electronic payments and preference for cash.
While real-time payments accounted for just 0.2% of total payments transaction volume in 2021, paper-based transactions occupied a 94.1% share. However, with Cámara de Compensación Electrónica (CCE), the operator of the real-time payments system, focusing on modernizing its system in line with international standards, real-time payments volume is set to record significant growth, increasing at 80.7% CAGR from 2021-2026.
The CCE made the real-time payments system available 24/7 starting December 7, 2020. It also partnered with Mastercard and ACI Worldwide in February 2021 to enable real-time payments based on the ISO 20022 standard.
Real-Time Payment Types
Year of Real-Time
The pandemic has put pressure on Peruvians to avoid cash and boosted electronic transfers, in part through government benefits being distributed via digital payments. Volumes on the nation’s first-generation real-time payments scheme have soared as a result (as has the use of digital wallets), as people looked to send money to others in a way that is instant and convenient. This presents a great opportunity for Cámara de Compensación Electrónica (CCE), the Peruvian clearing house, which orchestrates real-time payments and is in the process of modernizing the country’s existing first-generation scheme.
Their goal is to be ready to handle further projected transaction growth, as well as enable new use cases for large numbers of Peruvian citizens joining the banked population. CCE’s aim is to become the facilitator of absolute interoperability between all of Peru’s payment systems and financial services to better meet the needs of the 70% of citizens who have yet to be financially included.
Financial institutions will be able to use modern APIs to connect to the new scheme ahead of the GA testing period, via a solution that also provides message transformation and data enrichment between CCE’s current ISO 8583 message specification and the new scheme’s ISO 20022 spec.
But banks and participants must think beyond merely being connected to the new real-time payments scheme. They must explore ways to build a business out of these payments, not just a processing capability, and work with partners who have global experience to ensure success. It will be vital for innovators to consider how to add value beyond purely shifting money. That means expanding their efforts into adapting and improving infrastructure so that future changes are easier to manage. It means devising new business models, too, and standing up digital API connectivity to be able to include real-time payments across the entire payments ecosystem.
Mobile Wallet Trends
% of adults who have a mobile wallet and have
used it in the past year (2021)
Real-Time Total Participants
Population Banking Level
Number of debit, credit and
charge cards per adult
Index to global average
F5 Yr CAGR
Payments Fraud Rate
Population who reported being a
victim of fraud in the last 4 years
Top 3 Payment Fraud Types
|% of fraud victims||Trend|
Card details stolen/skimmed in person
My card was lost or stolen
Card details stolen online
Share of Volumes by Payments Instrument
- Paper-based payments
- Electronic payments
- Real-time payments
Real-Time Payments Volume and Its Share in Overall Non-Paper-Based Transactions, 2015-26f
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