Fintech & digital payments rules in Peru (2026)

Law 29985 created Electronic Money Issuing Companies as complementary financial-service firms (sociedades anónimas) that may hold pooled customer funds but cannot lend them; the SBS authorizes market entry/exit, operations and limits. Minimum capital was set at ~S/ 2,268,519 (quarterly-indexed) with effective equity of at least 2% of e-money in circulation.

The SBS handles licensing, prudential oversight and consumer disclosures for financial firms and e-money issuers; the BCRP governs the National Payment System, retail-payment interoperability and oversees payment service providers (PSPs) and clearing.

The BCRP modernized the General Regulation of the National Payment System, effective 1 April 2026, moving to a services-based framework covering immediate payments, payment initiation and acquiring, with new cybersecurity, transparency, commission, subcontracting and sanctions rules; payment-service providers must file for authorization on a schedule running through 31 December 2026.

BCRP-mandated interoperability links the main wallets (Yape, Plin, Bim) and bank accounts via aliases and QR; over 186 million interoperable transactions occurred monthly by June 2025. A public payment-initiation platform, TAPP, is slated to launch in late 2026 as Phase 4 (fintech inclusion).

In February 2026 the SBS published an Open Finance Roadmap (Hoja de Ruta de Finanzas Abiertas), but there is no binding open-banking regime in force; the SBS acknowledges that third-party providers and fintechs remain outside its regulatory perimeter and will be incorporated only gradually in a later phase.

Peru has no single comprehensive fintech law; fintech activities are unregulated unless they perform reserved activities (e.g., financial intermediation needs SBS authorization, and lending/factoring/FX require SBS registration). BNPL has no specific rules, though INDECOPI and the SBS may add consumer-protection/KYC requirements.