Peruvian Banks and Telcos Launch National Mobile Money Network

Wednesday, February 17, 2016

Five years in the making, Peru has launched a national mobile money network, with the aim of drawing five million of the country’s unbanked into the formal banking system.

Duibbed ‘BIM’, the low-tech mobile money programme has been launched by Peru Digital Payments, a $10 million special-purpose company created by 34 of the country’s leading banks, with the support of major carrier networks.

With four-in-five of the Peru’s 30 million citizens operating outside of the formal banking system, BIM has set its sights on signing up five million user over the next five years. Designed to work on the cheapest mobile handsets, BIM enables cash transfers between phones for a 15 cent fee.

Source: Finextra Research (link opens in a new window)

fintech, telecommunications