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Fintech launches service for online purchases without a credit card in Peru

The Fintech sector in Peru recently launched aCuotaz.com, an instant finance product for e-commerce that will compete directly with credit cards. This was reported by El Economista América on October 7th.

As explained in an article in this medium, This system uses technology and an alternative valuation method developed over the past four years by Apurata.com (a Peruvian fintech specializing in microcredit). “Users don’t need a credit history to access funds,” they explained.

On the other hand, the publication highlighted that the Covid-19 pandemic and mandatory social isolation caused thousands of Peruvians to go shopping without leaving their homes. “In order to, In the first half of 2020, online purchases increased by more than 44%, according to Ipsos Peru, “the article said.

Fintech launches service for online purchases without a credit card in Peru
Fintech launches service for online purchases without a credit card in Peru

However, Patrick Wakeham, CEO of Apurata.com, commented on this:

“This growth could have been higher, but was limited, among other things, by the low prevalence of credit cards in the population.”

Online shopping in Peru

“According to the Chamber of Electronic Commerce (CAPECE), 63% of online purchases in Peru are made with credit cards, but only 9% of adults have one,” they said in El Economista América.

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