YellowPepper, Latin America’s mobile banking and payment solutions provider has announced that the FinTech in partnership with Peruvian banks BBVA, Interbank and Scotiabank has launched a real-time payment platform (RTP) in Peru, PLIN.
PLIN allows the transfer of funds between customers of different banks in Peru, in real-time, free of charge using only a cell phone. The solution launch expects to meet the needs of more than 10 mn people who make instant daily transfers and promote reduced use of money. PLIN incorporates payment in real-time among bank customers through their respective mobile banking applications.
“We have been the go-to service for major financial institutions and retailers for years and are now proud to announce the launch of PLIN. With the launch of PLIN, YellowPepper continues to expand its secure and efficient technology to build a robust ecosystem in Latin America to interact, manage and accept cashless payments as easily as possible,” said Serge Elkiner, co-founder and CEO of YellowPepper.
Through PLIN, the banks intend to create a national and open interoperable digital payments ecosystem that benefits Peruvians. The solution eliminates the barriers to transferring money between different banks and allows transfers via mobile devices at no additional cost.
“PLIN is an innovative project for Peruvian banks, which was born thanks to the collaboration of the three main banks, in order to facilitate the interaction of more than 10 million people. In these times of health emergencies, PLIN facilitates the transfer and exchange of money, prioritizing digital channels over money,” says Fernando Eguiluz, executive director of BBVA in Peru.
On the user’s side, PLIN is transparent. It is automatically installed on Peruvian banks’ mobile apps, allowing customers to transfer funds between them using a cell phone number.
“Customer behavior has changed significantly with the current situation, leading to digital adoption faster than ever. As expectations continue to change, we need to reimagine and adapt to meet customer needs, and PLIN is an excellent example of this. We are proud to partner with other banking institutions to offer Peruvians a simple and easy way to send and receive money. This is just the beginning of PLIN; we expect all financial institutions in Peru to join this inclusive network, so that we can make the product accessible to all Peruvians,” says Luis Felipe Castellanos, executive director of Interbank.
Currently available to BBVA, Interbank, Scotiabank customers and soon to BanBif customers, YellowPepper’s goal is for many other Peruvian banks to incorporate the PLIN ecosystem soon.
Founded in 2004, YellowPepper is the fintech providing proprietary technology and partnerships with leading financial institutions and industry startups. It is operating in nine Latin American countries, and currently enables over 3 million monthly active users that execute 565 million transactions yearly. The FinTech recently partnered with Visa to announce Credential-on-File for Bradesco.