Yape, a Peruvian super app for digital payments, has teamed up with TerraPay, a global money movement company, to simplify remittance transfers for millions of Peruvians.
In 2023, Peru received approximately $4.4billion in remittances, supporting the demand for streamlined, efficient money transfer options.
The partnership aims to broaden financial inclusion as well as improve access to remittances by enabling funds sent via TerraPay’s network to be received directly within the Yape app.
This move adds digital remittance capabilities to Yape’s 16 million users, including an estimated five million Peruvians without formal banking access, empowering them to instantly use their funds for various transactions through the app.
Yape, developed by Banco de Crédito del Perú (BCP), also enables users to make transfers, pay for services, and conduct transactions with local businesses using a phone number or QR code – no traditional bank account needed.
Through this collaboration, TerraPay’s global network participants can send remittances directly to Yape users, cutting out the need for in-person visits to financial branches and making it easier for users to manage finances digitally.
A step forward for financial inclusion
The collaboration leverages Alipay+ Wallet Tech solutions to connect TerraPay’s extensive international sender network directly with Yape, bridging a gap for millions of Peruvians who often rely on cash-based transactions. For those without formal banking services, digital remittances open up broader possibilities for financial independence.
Users can access remittances instantly within the app and use these funds to pay bills, top up mobile credit, transfer money to friends, or make purchases – moving toward a cashless experience that supports Peru’s wider digital economy goals.
Through this partnership, Yape users – many of whom rely on remittances from family members abroad – gain direct access to these funds without the need for traditional disbursement methods.
“By collaborating with TerraPay, we are not just improving the remittance process; we are enhancing the overall financial experience for millions of Peruvians”, said Carolina Arbulú, head of payments products of Yape. “This partnership empowers users, especially those who have historically lacked access to banking services, to receive and utilise their money instantly, thereby integrating them into the digital economy.”
Expanding TerraPay’s digital wallet network in Peru
TerraPay, a leader in cross-border payment solutions, views this partnership as a strategic expansion of its global digital wallet network. With operations across 144 countries, TerraPay aims to create a ‘borderless financial world’ by integrating digital wallets worldwide.
By joining forces with Yape, TerraPay enables money transfers from nearly any country directly to a Yape wallet. Popular remittance corridors including Chile, the USA as well as Spain benefit from this new pathway, which enhances access for users sending money to their families back home in Peru.
Ambar Sur, CEO of TerraPay, also commented: “By partnering with Yape to become a member of our global digital wallet network, we are not only facilitating easier remittance solutions but also empowering millions of individuals to take part in the global economy. We share a mutual commitment to financial inclusion and innovation, and together we will enhance the user experience for millions of Peruvians.”
TerraPay’s network, regulated in over 30 markets, aims to meet the increasing demand for digital remittances that are accessible, instant as well as compliant with global standards. By linking its network directly with Yape, TerraPay enhances convenience for users who can now receive funds directly within an app they already use frequently, bypassing the need for separate remittance services.
