Which payment methods are most popular in Peru?
Vouchers, cash, bank deposits, digital wallets or debit/credit cards? In order to increase sales in a country where e-commerce businesses grew 198% in the last two years, targeting young consumers and offering different tools to pay in cash are the key to success.
It is inevitable to admit that the majority population in emerging market such as Uruguay and Argentina rather pay in cash than other practical and easier ways. This reality reflects a lack of trust in some methods and shows exactly where some work in communication and digital tools must be done. Meanwhile, e-commerce businesses don't need to lose sales during this transitional phase.
Each country found its way to reach this public with alternative and creative ways in order to make business. With an exciting growth in online purchases through Peru, a diverse payment methods portfolio is they key to reach a big percentage of consumers at the same time. There are definitely debit/credit cards and digital wallets in the country, however tools that enable paying in cash are the most used so far.
Another and yet, most popular way to pay digital purchases is PagoEfectivo. Besides offering versatile ways to pay bills, this platform includes the option to pay in cash, fullcarga (pre-paid and rechargeable cards) and bank deposits. Although these solutions are all available in the same platform, vouchers are by far the most popular option among Peruvian shoppers.
Basically, a payment code is printed in an official paper (a voucher) and it allows to pay any online acquisition via cash deposit or bank transfer, which can be done even from a smartphone. It’s an easy, fast and trustworthy way to buy via internet for most consumers in the country. Whether shopping in physical stores or online e-commerce websites, it´s important to understand that credit and debit cards are not popular in Peru yet.
These solutions mentioned so far increase the reach of online shoppers and respect the pace of behavioral shopping patterns in Peru. This is a smart move when e-commerce market has so much potential to grow in the near future. As mentioned in our article (E-commerce business in Peru grew 198% in the last two years), a growth of 55% is expected to be made by smartphones and tablets. As for desktop users, it can increase 30% until 2020.
Learning and adapting your business plan is the key to boost/increase business in the country. Fortunately, BoaCompra offers a diverse range of services and a network with strong players with special solutions designed especially to Peruvian consumers. Click here to learn more about our coverage.