To promote financial inclusion and accessibility, TerraPay, a leading global money movement company, has partnered with Yape, the superapp of Peru.
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 32 million, Peru has become a significant player in the remittance landscape, receiving US$4,446 million 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. Yape, launched in 2017, has emerged as a critical tool for managing everyday finances, boasting over 16 million users and 13 million monthly active users, who engage in an impressive average of +40 transactions each month.
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. Yape has gained widespread 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 16 million users, with approximately 5 million without formal banking relationships.
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. Users will be able to use the funds immediately in their Yape wallet to pay bills, top up their phones, transfer money to friends, purchase groceries, and more—all from within the Yape app.
The key benefits are:
• Immediate Access: Yape users will no longer need to visit physical branches to receive international transfers, allowing for a more convenient and efficient process.
• Diverse Functionality: Users can immediately utilize the received funds across various app features, promoting a cashless economy and fostering greater financial inclusivity.
• Enhanced User Base: Over 5 million Yape users previously without access to BCP financial system will benefit significantly from this initiative, highlighting the transformative impact of digital wallets in underserved communities.
“By collaborating with TerraPay, we are not just improving the remittance process; we are enhancing the overall financial experience for millions of Peruvians”, said Carolina Arbulú, Head of Payments Products of Yape. “This partnership empowers users, especially those who have historically lacked access to banking services, to receive and utilize their money instantly, thereby integrating them into the digital economy.”
Ambar Sur, CEO of TerraPay, stated, “This partnership is a significant step towards achieving our vision of connecting a borderless financial world leveraging digital wallets. By partnering with Yape to become a member of our global digital wallet network, we are not only facilitating easier remittance solutions but also empowering millions of individuals to take part in the global economy. We share a mutual commitment to financial inclusion and innovation, and together we will enhance the user experience for millions of Peruvians.”
The collaboration will cover all regions of Peru, allowing users to benefit from cross-border remittances originating from TerraPay’s extensive sender network, which encompasses nearly all countries. Key corridors for remittances include Chile, the USA, and Spain, which are critical to supporting the financial needs of Peruvian families and communities.