Peru BCRP changes payments and fintech oversight

The Central Reserve Bank of Peru has approved a new Regulation for the Instant Payments Service with Aliases, a rule that allows digital transfers using identifiers such as a mobile phone number, national ID number or QR codes instead of a bank account number. The model requires banks, savings institutions and digital wallets to support immediate transfers linked to aliases, regardless of which financial institution or app the sender or recipient uses.

Alias and QR payments

The regulation defines an alias as an identifier linked to a funds account, which may be a mobile phone number, a national ID number or another mechanism the BCRP approves later. It sets a maximum of S/ 30,000 per instant transfer made through an alias or QR code, and the service will operate 24 hours a day throughout the year. Each provider may still set lower limits for security reasons.

The Alias Instant Payments regulation will take effect 60 days after its official publication. Its scope goes beyond banks and also includes fintech firms, digital wallets, savings institutions and other participants in the National Payments System, expanding the regulatory perimeter beyond traditional financial institutions.

More oversight for the payments ecosystem

In parallel, the new National Payments System Regulation created the figure of Payment Service Entities, or ESPs, for companies that participate in payment systems or prominent payment agreements in Peru. Under this framework, companies that take part in a payment system or a prominent agreement must obtain BCRP authorization. Those that participate only in non-prominent agreements must register as ESPs.

That registration or authorization comes with specific requirements. ESPs must have minimum paid-in capital of S/ 600,000, along with net worth aligned with their transaction volume and periodic reports to the BCRP. The process also requires proof of the suitability of directors and major shareholders, submission of a business plan with financial projections, and the adoption of strong policies for comprehensive risk management, operational continuity and user protection.

The central bank's schedule requires entities that need ESP authorization to complete the process between June and December 2026, depending on their transaction volume. For fintech companies that only had to register as ESPs, the deadline expired on June 30, 2026.

Which companies are included, and which are not

The regulation excludes fintech firms dedicated exclusively to lending, investments or crowdfunding, unless they offer regulated payment services or connect directly to the BCRP-supervised National Payments System.

Gestión estimates that more than 50 Peruvian fintech companies would come under BCRP supervision under the Payment Service Entity category, showing the real reach of the new regulatory perimeter in the digital payments ecosystem.