According to the latest EY Peru FinTech Index 2023/2024 report, there are 203 fintech companies in Peru, among them those specialized in payments and transfers, loans, currency exchange, and cryptocurrency exchange houses stand out.
Peru has become a very attractive market for Fintech companies, thanks to the high penetration of the internet among the population, as well as the use of smartphones. According to INEI data, in 2023, 90.3% of the Peruvian population used the Internet daily, and among the technologies they use the most to connect, 91.6% do so through cell phones.
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Thanks to this, 203 fintech companies currently operate in the country, 24% more than the previous year, according to data revealed by the EY Peru FinTech Index 2023/2024 report
These types of companies use technology to offer various financial services. Among these companies, in Peru, 56 are dedicated to payments and money transfers, 44 loans, 29 currency exchanges, 14 cryptocurrency exchange houses – which is one of the areas that has had the greatest growth year on year, among others.
“Regarding the cryptocurrency market in Peru, we can observe that several leading communities in the ecosystem have been growing steadily here, unlike other markets with higher inflation and higher interest rates. Likewise, the Peruvian market has a more controlled economy and the regulations regarding crypto platforms are not so strict, which benefits the development of new businesses,” explains Guillermo Escudero, Manager of Global Strategic Alliances at CryptoMarket , the pioneer exchange in Latam. .
According to the specialist, the growth that this sector will have during 2024 will be even greater, since digital currencies or cryptocurrencies have started the new year on the right foot, which will make more Peruvian investors pay attention to this alternative to grow. their savings. To give an example, Bitcoin managed to get into the Top 10 assets with the highest capitalization in the last year, only behind the shares of Meta (Facebook), Amazon, Alphabet (Google), Microsoft, Apple, or gold and silver.
“This 2024 will be a key year for cryptocurrencies. Let us remember that, due to global contextual issues, during 2022 they had a sharp drop and Bitcoin closed said period with a value of USD 15,000. But the market knew how to rebound, in a global context of adjustment of rates and regulations, and now we see Bitcoin starting 2024 with an approximate value of USD 45,000, which gives an increase of almost 160%. Therefore, it is not surprising that there is more and more talk about this area in Peru,” concludes the CryptoMarket executive.
The main cryptocurrency exchange houses that operate in Peru are CryptoMarket, Buenbit, Buda, and Fluyez.
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First published in Economia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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