By: Melissa Pelosi, Chief Business Officer-Domain Processing of Niubiz.
In Peru, the ecosystem of digital payments has rapidly evolved in the last five years, driven by the pandemic of the COVID-19 and the increasing use of electronic media. A key element in this transformation is interoperability, which allows various payment platforms operate together seamlessly. This capability makes it easier for users to make transactions regardless of the bank account, or digital wallet they use.
From Niubiz we have assumed a leading role in the implementation of interoperability. Through advanced technologies, we connect platforms and reduce friction in digital transactions, which allows small and large businesses to accept payments from various sources in a simple way. This effort not only modernize the payment system, but also promotes financial inclusion by integrating small businesses and users unbanked to the digital ecosystem.
Interoperability improves the user experience by eliminating the need for multiple payment solutions. A consumer can make transactions from your digital wallet of choice, without worrying whether the business accepts its platform. This not only facilitates the transaction, but also increases the confidence in digital payments, encouraging greater adoption throughout the country.
For the smes, which are a crucial part of the peruvian economy, interoperability means lower costs and higher efficiency. No longer need to adopt multiple payment platforms to cater to different customers, which simplifies operations and reduces the associated costs. At the level of the market, this increased connectivity in the system of payments to the benefit of both the users as well as companies, to reduce operating costs, streamline processes, and improve the accessibility to formal financial services.
In terms of opportunities, the interoperability opens the door to future innovations, such as the incorporation of payments with blockchain or criptomonedas, and the integration of artificial intelligence to improve the security and personalization in the transaction.
The future of digital transactions in Peru is promising thanks to the commitment to interoperability. From Niubiz, we continue to play a key role in the modernization of the ecosystem of payments. While there are challenges in terms of security and education, the interoperability provides great benefits to facilitate financial inclusion, optimize costs and improve the experience for both business and consumers.