A recent survey by Peru’s Central Reserve Bank (BCR) reveals that in 2025, 14% of Peruvians completed all transactions exclusively in cash, meaning 86% utilized at least one alternative payment method. This shift underscores a growing trend towards digital financial tools within the country.
The BCR’s analysis focused on the intensity of payment method usage, defined as the number of instruments an individual employs monthly for settling transactions. The increasing adoption of digital payments has been particularly notable since the onset of the pandemic, as consumers sought ways to avoid physical contact.
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“Today, it’s more common to find businesses and services where digital payments are preferred by consumers, especially digital wallets, which also eliminate a frequent issue with cash purchases: not having change,” stated Fernando Barrios, a payments system specialist.
Carolina Cabello, head of Mercado Pago in Peru, emphasized the benefits of connecting digital wallets, promoting card usage, enabling immediate transfers, and utilizing QR code payments. These methods reduce operational friction and facilitate transactions in both digital and physical environments.
According to the Peruvian Chamber of Electronic Commerce (Capece), over 335,000 businesses in the country have successfully digitized their sales processes.
Barrios noted that the percentage of individuals using cash is significantly lower today compared to five years ago. Cabello attributed this accelerated reduction to factors such as increased smartphone penetration, the development of simpler and more accessible digital wallets, and the expansion of novel infrastructure.
La experiencia regional muestra que los países que masifican sus pagos con solidez alinean infraestructura, estándares y regulación, con una visión de largo plazo. Foto: Freepik.
Interoperability
The study also found that 60% of respondents apply only one payment method, while 20% utilize two, and 6% employ three or more instruments. This diversification reflects a broader shift in consumer payment preferences.
This growth has been further supported by policies aimed at improving interoperability between platforms, allowing users to send money between different wallets more easily, Barrios explained.
The entry of new players into the payment system has also contributed to this trend, he added.
Cabello also credited the advancement in immediate payment adoption to the interoperability model, which facilitated a rapid expansion of the digital wallet mechanism. Between 2023 and June 2025, the interoperable system generated over 183 million monthly transactions, according to the BCR.
Socioeconomic Strata
Analysis by socioeconomic level reveals significant differences. In segments A and B, a greater diversity in instrument usage is observed: 55% employ three or more payment methods. Conversely, in levels D and E, exclusive cash usage predominates, representing 65% of cases.
Unlike credit or debit cards, which require bank approval, digital wallets can be opened quickly from a mobile phone, the penetration of which is now very high across all socioeconomic levels, Barrios explained.
A similar pattern emerges when considering educational level. Higher levels of education correlate with a greater probability of utilizing multiple payment instruments, while individuals with lower education levels exhibit lower adoption rates of digital methods.
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