TerraPay has partnered with Yape, to promote financial inclusion and accessibility.
Yape is a popular digital wallet and mobile payment app in Peru, developed by Banco de Crédito del Perú (BCP). It enables users to make peer-to-peer transfers, pay for services, and conduct transactions with businesses using only a phone number or QR code, without the need for traditional bank account details.
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Yape has gained adoption for its convenience and accessibility, especially among younger users and those without formal banking relationships, making it a critical tool for financial inclusion in the country.
The app’s user-friendly interface and integration with a variety of financial services have contributed to its rapid growth and adoption, becoming a key player in Peru’s digital payments ecosystem with more than 16m users, with approximately 5m without formal banking relationships.
This collaboration will enable all participant partners in TerraPay Global network to send seamless international money transfers directly to Yape users, allowing them to instantly access their funds and take advantage of a wide array of financial services within the app.
With a population of 32m, Peru has become a significant player in the remittance landscape, receiving $4,446m in remittances in 2023
The demand for efficient and user-friendly financial solutions is paramount, especially among the unbanked population, which stands at approximately 40% of the adult population in Peru.
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By GlobalDataYape, launched in 2017, has emerged as an important tool for managing everyday finances, boasting over 16m users and 13m monthly active users, who engage in an impressive average of +40 transactions each month.
The partnership will allow Yape users to receive remittances from partners in TerraPay’s network, eliminating the need for traditional disbursement methods and significantly streamlining the money transfer process.
Carolina Arbulú, Head of Payments Products of Yape, said: “By collaborating with TerraPay, we are not just improving the remittance process; we are enhancing the overall financial experience for millions of Peruvians. This partnership empowers users, especially those who have historically lacked access to banking services, to receive and utilise their money instantly, thereby integrating them into the digital economy.”
