Peru mobile payments connect rural communities to financial system

Global Business

Peru mobile payments connect rural communities to financial system.00_01_17_05.Still001

Electronic money, or E-money, is an electronic record of your money stored on a credit card or in a banking computer system.

While paying with plastic might be taken for granted by some living in developed countries, for those who live in developing nations it’s a relatively new concept.
CCTV’s Dan Collyns filed this report from Peru.

Peru mobile payments connect rural communities to financial system

Peru mobile payments connect rural communities to financial system

Electronic money, or E-money, is an electronic record of your money stored on a credit card or in a banking computer system.While paying with plastic might be taken for granted by some living in developed countries, for those who live in developing nations it's a relatively new concept. CCTV's Dan Collyns filed this report from Peru.

More details:

  • Only 29 percent of Peruvians have bank accounts, one of the lowest levels of use of financial services in Latin America.
  • Mobile phones are the great leveler in Peru, there’s at least one for every person in the country and most people use prepay telephones where you go to the shop and buy your call time and the e-wallet works in much the same way.
  • For many Peruvians, their cheap mobile phones could open the door to a world of greater financial security and opportunities.