Electronic wallets have become one of the principal digital payment methods in Peru. Tools such as Yape, Plin and other FinTech solutions are now part of everyday life for individuals and businesses, driving the digitalisation of payments and fostering financial inclusion.
However, this rapid growth has been accompanied by increased regulatory scrutiny. For businesses—both providers of, and users of, electronic wallets—understanding the applicable legal obligations is essential to operate securely and sustainably.
What Are Electronic Wallets and Why Do They Matter from a Legal Perspective?
Electronic wallets are digital platforms that allow users to store electronic money or link bank accounts in order to make payments, transfers and collections through mobile applications.
From a legal perspective, they are not merely technological tools, but rather financial or payment services, which places them within the supervisory remit of the Peruvian financial regulator and subjects them to specific rules on compliance, security and consumer protection.
In Peru, the supervision of payment systems and electronic money lies primarily with the Superintendencia de Banca, Seguros y AFP (SBS), which regulates:
- Financial system entities that offer electronic wallets.
- Electronic money issuers.
- Certain payment service providers and FinTech companies, depending on their business model.
Regulation is not uniform across all market participants: the applicable obligations vary depending on whether the electronic wallet is operated by a bank, an electronic money issuer, or a technology provider offering payment services.
Key Regulatory Obligations
1. Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF)
Electronic wallets are required to implement appropriate know-your-customer (KYC) procedures, transaction monitoring systems and mechanisms for reporting suspicious transactions. For businesses, this entails understanding the operational limits, thresholds and controls applicable to the payment method they use.
2. Personal Data Protection and Information Security
The use of electronic wallets involves the processing of personal and financial data. Regulatory obligations include:
- Implementing appropriate technical and organisational security measures.
- Ensuring the confidentiality of user information.
- Clearly defining responsibilities in the event of security incidents or fraud.
This aspect is particularly relevant where companies integrate electronic wallets into their own sales systems or digital platforms.
3. Transparency and User Protection
Regulations require that users are clearly informed of:
- Applicable fees.
- Transaction limits.
- Service terms and conditions
- Complaint and claims-handling mechanisms.
For business users, this translates into the need to carefully review contracts with electronic wallet providers and the terms under which these payment methods are offered to clients.
4. Operational Risk Management and Business Continuity
Entities operating electronic wallets must have business continuity plans, technology risk management frameworks and protocols to address system outages or operational failures.
From a business perspective, it is essential to contractually define the consequences of service interruptions, payment errors or fraud, and to determine who bears liability vis-à-vis the end user.
What Should Businesses Accepting Electronic Wallet Payments Consider?
A common misconception is that all regulatory obligations rest solely with the wallet provider. In practice, businesses accepting these payment methods should:
- Verify that the provider is duly authorised or supervised.
- Assess contracts from both a legal and risk management perspective.
- Evaluate the flow of clients personal data.
- Establish internal protocols to deal with fraud, complaints or operational failures.
- Coordinate closely with compliance, technology and finance teams.
Electronic wallets offer efficiency gains, cost reduction and an enhanced user experience. However, their adoption should be supported by a clear legal and regulatory strategy.
As the market moves towards greater levels of interoperability and, potentially, Open Finance frameworks, regulatory requirements will become increasingly sophisticated. Businesses that understand the current regulatory landscape will be better positioned to anticipate and adapt to future developments.
