The Central Reserve Bank of Peru expects to launch a controlled pilot for its new Peruvian automatic payment transfer platform, known as TAPP, by the end of 2026. General Manager Paul Castillo announced the target timeline during his presentation at the II International Forum Payments Innovation Peru 2026, organized by the Peru Payments Association.
Castillo said that central bank teams are currently building out the underlying infrastructure and conducting initial testing with participating institutions. He stated that the platform will help create new payment use cases while simplifying market entry for financial technology firms, allowing fintechs to offer payment services without handling user accounts directly.
Expanding interoperability and fintech access
The introduction of TAPP represents the fourth phase of the central bank's interoperability plan for national payments. Phase one brought digital wallets Yape and Plin into the interoperable framework, phase two focused on immediate bank transfers and standardized QR codes, and phase three introduced electronic money.
The Central Reserve Bank of Peru serves as the nation's independent monetary authority, responsible for price stability and payment system regulation. Mobile wallet platforms such as Yape and Plin have grown into widely used payment channels across Peruvian cities, though Castillo noted that digital wallet adoption in provincial regions remains low.
Central bank officials are coordinating with 20 financial entities for the deployment of the TAPP platform. Castillo confirmed that 19 of those institutions have committed to join the system.
Surge in Peru's digital transaction volume
Castillo pointed out that Peru ranks among the fastest growing Latin American nations in digital payment adoption, standing second in the region behind Brazil. Annual digital transactions per capita in Peru rose from 29 in 2016 to 767 as of June 2026.
Low-value digital transactions, including credit card and debit card operations, expanded from 82,000 per month in 2018 to 1,612 per month in June 2026. Over the past five years, cash usage in the country fell from 95 percent of all transactions down to 64 percent.
Central bank officials project that 90 percent of the population will eventually use digital payment methods, marking significant progress toward broader financial inclusion. Financial inclusion initiatives across South America aim to bring unbanked households into formal banking networks through accessible digital tools.
Digital money pilot results and next steps
The central bank also shared statistics from its separate digital money pilot initiative, which recorded 28.4 million cumulative transactions over a 22-month period. The project maintained a digital money balance of 12.2 million soles.
Survey data gathered by the central bank showed that 42 percent of individuals expressed interest in opening a formal account through the BiPay digital wallet platform. Castillo added that once a pilot reaches an adequate size, participating institutions view full system interoperability as their main demand.
