Peru Profile: Credit Cards Dominate Peru's Cashless Payments

11 Oct, 2020 . 4 minutes

Peru’s population was estimated at 32.9 million in 2020. The average highest online spending is among those aged 25 years to 34 years at 36.5 percent last year. Ecommerce has been growing steadily since last year. B2C users are growing at 13.7 percent year on year and are expected to increase to 13.2 million users in 2020.

Internet penetration was 73 percent in January 2020. B2C ecommerce users are expected to have an average transaction value of US$335.4 making total transactions as much as US$4.44 billion by the last quarter of this year. Peru's consumers made PEN10 million in purchases - up 49 percent - in the country’s first week of its Covid-19 quarantine.

Ecommerce shoppers are significant in developing cashless payments. Cash on delivery remains a most popular way to settle transactions with 30 percent of the market. But still 55 percent of shoppers are using credit cards to make purchases in the domestic and international markets. Meanwhile, digital wallets are struggling with just 3 percent of the market.

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