Online payment habits in Peru are being reshaped around bank apps. Yape, the wallet created by BCP, grew within a few years into a nationwide small-value transfer method, built on the deep account customer base of BCP (part of the Credicorp group), Peru's largest bank. BCP transfer payments let this customer base authorize and transfer online purchase amounts directly from their own account, without needing a card.

Because account-based payments are unaffected by card limits or card issuance, they serve as a strong complement in categories with high order values and frequent card declines, such as electronics, furniture, or travel products. Rather than relying on BCP alone, it is common to combine it with transfers at other banks like BBVA and cash payments through PagoEfectivo, to cover Peru's account-holding population as a whole.

When a consumer selects BCP at checkout, they are taken to a BCP online banking or mobile app authentication screen, or a reference number is issued for payment. Once the consumer authorizes the transfer from their own account, the payment is completed, and the deposit confirmation is passed to the merchant, finalizing the order. Because it goes through the bank app's own identity verification process, fraud risk tends to be lower than with card payments.

Integrating through Hecto Financial allows a merchant registered in Korea to explore adopting BCP payments without a separate local contract in Peru. Actual support availability and terms (settlement cycle, fees, currency options) vary depending on the merchant's industry and transaction volume, so confirmation with the Hecto Financial sales team is required before contracting.

• Business registration country

  Confirm whether contracting is possible for merchants registered in Korea

• Sales channels

  Integration method and priority vary depending on your online sales channel mix, such as your own storefront, open marketplaces, or mobile apps

• Product categories

  Confirm in advance whether your products fall under restricted categories per BCP's merchant policy

• Local regulatory compliance

  Confirm compliance with Peru's payment and foreign exchange regulations (see official sources below)

BCP transfer amounts are collected locally by Hecto Financial in Peru in Sol (PEN). After collection, they are converted and settled to the merchant registered in Korea in the currency set under contract among USD, KRW, or JPY, with the settlement cycle following the contract terms. Refunds are processed as a return transfer to the consumer's BCP account, so confirm the processing timeframe at the contract stage.

• Central Reserve Bank of Peru (BCRP) and Superintendency of Banking, Insurance and Private Pension Fund Administrators of Peru (SBS)Official information on Peru's payment system (BCRP) and financial institution supervision (SBS). If the content of this page differs from actual regulations, the official source takes precedence.