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> Posted by Center Staff
The following post is part of a two-part series on Modelo Perú.
Today, we are excited to share an issue brief on Modelo Perú, a first-of-its kind payments initiative in Peru. The brief, produced in partnership with The Institute of International Finance, explores the successes and challenges that the initiative has seen since its launch in February 2016.
Spearheaded initially by the Bankers’ Association of Peru (ASBANC), Modelo Perú is an effort to establish an interoperable nationwide payments platform. The platform, Bim (Billetera Móvil), brings together financial institutions, government, telecommunications companies, and large payers and payees into a shared payments infrastructure. It intends to expand banking access to the 71 percent of Peruvians who currently lack a bank account, and aims to reduce the transactions costs associated with cash for both financial service providers and other businesses. Modelo Perú has been lauded as an example of interoperability – with many different players coming together to create one seamless payments ecosystem. About one year after its launch, we wanted to explore how ‘seamless’ it has been.
> Posted by Center Staff
Yesterday marked the official launch of BiM, Peru’s groundbreaking nationwide mobile money platform. It’s been a historic collaborative effort between the country’s government, financial institutions, telcos, and other players. The platform enables fully-interoperable digital financial services across mobile networks and financial service providers in Peru. Yesterday was the public launch of the platform, following a soft launch within a control group in mid-December. The new mobile system presents a huge opportunity for Peru and for financial inclusion best practices the world over.
The project was spearheaded by Peruvian Digital Payments (PDP), a new service provider established in July 2015 by Peru’s government, financial institutions, telcos, and other stakeholders. PDP is co-owned by the Association of Banks of Peru (ASBANC) as well as many of its member banks and electronic money issuers. PDP developed the shared infrastructure for the mobile money service.
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