According to Scotiabank’s innovation channels manager in Lima, Miguel Arce, “Approximately $15 billion moves in the retail business per year. The President of Peru , Miguel Arce , has signed a new financial transactions law, ‘Ley de Dinero Electrónico’, that allows﻿ Peruvians to conduct financial transactions using their mobile phones. Government figures show that﻿ only 28% of poor Peruvians lack access to formal banking services, and 65% of the adult population uses banks. In contrast, 95% of the districts in Peru have mobile coverage, and there are more than 32 million people currently using mobile phones for paying bills. The electronic funds will be offered by banks, savings, and loans institutions, and new companies that specialise in mobile transactions, such as the Empresas Emisoras de Dinero Electrónico (EEDE).
The President of Peru , Miguel Arce , has signed a new financial transactions law, ‘Ley de Dinero Electrónico’, that allows﻿ Peruvians to conduct financial transactions using their mobile phones. Government figures show that﻿ only 28% of poor Peruvians lack access to formal banking services, and 65% of the adult population uses banks. In contrast, 95% of the districts in Peru have mobile coverage, and there are more than 32 million people currently using mobile phones for paying bills. The electronic funds will be offered by banks, savings, and loans institutions, and new companies that specialise in mobile transactions, such as the Empresas Emisoras de Dinero Electrónico (EEDE).