Peru Payment Landscape: Navigating a Fast-Growing Digital Economy

Peru is emerging as a dynamic player in the Latin American economy.

Economic Growth: Peru is projected to be one of the region's fastest-growing economies from 2024 to 2028.
Investment Hub: Chinese investment in Peru surged by 18% to $780 million, focusing on clean energy and digital economy.
Digital Adoption: Over half the population (16.8 million) now shops online.
Payment Trends: Digital retail payments have grown 5x in recent years, with digital wallets rapidly gaining market share.

Infographic showing Peru's map with 26 administrative regions, total population of 33.7 million, and ethnic composition.

01. Overview: The Andean Powerhouse

Basic Facts

Peru is the 4th largest country in Latin America, covering 1.28 million sq km. It has a population of 33.72 million (2023).

Economic Vitality

Peru boasts a stable macroeconomic environment and a free market economy.

GDP: Reached $264.6 billion in 2023.
Reserves: Foreign exchange reserves stood at $74.58 billion as of July 2024.
Resources: A global mining giant, ranking 1st in silver reserves and 2nd in copper and zinc production.

Chart displaying Peru's industry structure: Tertiary industry (Services) accounts for 55.6% of GDP, followed by Secondary (Industry) and Primary sectors.

Bar chart showing Peru's GDP growth trend reaching $264.64 billion in 2023, with an inflation rate of 3.24%.

Trade Relations

China has been Peru's largest trading partner and export market for 9 consecutive years. Bilateral trade reached $15.86 billion in the first half of the year, up 6.2%.

02. The Digital Economy & E-commerce

Peru's digital economy started late but accelerated during the pandemic.

Statistics on Peru's digital landscape: 78% internet penetration rate and 26.3 million internet users.

Infrastructure: 5G rollout is underway, though cloud computing adoption lags.
Sectors: Digitalization is highest in banking, insurance, and telecommunications.

E-commerce: Rapid Expansion

E-commerce penetration has doubled from 2.4% in 2019 to 5.4% in 2023.

Shopper Profile: 16.8 million online shoppers. Women account for 54% and shop more frequently (avg. 3 times/year).

Overview of Peru's e-commerce market: 50% of the population shops online, and e-commerce accounts for 5.3% of national GDP.

03. The Payment Battlefield: Cash vs. Digital

The official currency is the Sol (PEN), but the US Dollar (USD) circulates freely.

Payment Habits

Digital payments are exploding. Per capita digital transactions jumped from 55 in 2020 to 266 in 2023.

1. Cash Payments (PagoEfectivo)

Cash remains king for many.

PagoEfectivo: The most popular online payment method for the unbanked.
How it works: Shoppers generate a code online and pay cash at over 40,000 agents nationwide.
Trust Factor: Eliminates fraud concerns for wary online shoppers.

2. Digital Wallets

Digital wallets are the star performer.

Growth: surged from 3% market share in 2019 to 24% in 2023, becoming the 3rd most popular e-commerce payment method.

3. Credit & Debit Cards

Visa, Mastercard, Amex, and Diners Club are widely accepted mainstream options.

4. Bank Transfers

Direct bank transfers via online or mobile banking are common for both P2P and B2C transactions.

Conclusion: Seizing the Opportunity

With the Fed's rate cuts stimulating the global economy, expanding into Peru offers significant rewards. However, success requires understanding the local landscape.

Waffo empowers your expansion

by providing a comprehensive payment solution that covers PagoEfectivo, local cards, and digital wallets, ensuring you can serve every Peruvian customer seamlessly.