Advances and lessons learned from BIM, Peru’s first mobile money wallet

Wednesday, May 9, 2018

Since its launch in February 2016, the Peruvian mobile wallet BIM has achieved important milestones and was called the world’s first fully-interoperable national mobile money platform. Let’s see what promising developments are on the horizon for this small Andean country.

BIM recently announced its plans to launch new services in the second half of 2017. It will enable customers to pay electricity, water and telephone bills, as well as have access to micro savings, loans, and microinsurance.

According to Miguel Arce, commercial head of Peruvian digital payments (PDP, the company that operates BIM) about 400,000 Peruvians already use its service, with the adoption rate growing by 20,000 new users per month. March 2017 was closed with 140,000 transactions, and April with 200,000 recorded to the date.

Starting next semester, mobile wallet users will also have access to microcredit, microinsurance and micro-savings – financial services of small amounts and small costs. Mr. Arce says that microinsurance will be covered by all insurers in the country, and can be paid on a daily or monthly basis from the cell phone.

Photo courtesy of Bioversity International.

Source: Bankless Times (link opens in a new window)

digital payments, financial inclusion, microfinance, mobile finance