Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion

Like most emerging markets, Peru suffers from low banking penetration and faces challengesto providing financial services. Beginning in 2015, a strategy called Modelo Peru emerged as acollaboration between financial institutions, telecom companies,...

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Main Author:	Del Carpio Ponce, Paola Elvira
Format:	Brief
Language:	English
Published:	International Finance Corporation, Washington, DC 2018
Subjects:	MOBILE BANKING FINANCIAL INCLUSION INTEROPERABILITY
Online Access:	http://documents.worldbank.org/curated/en/239411532462331038/Modelo-Peru-A-mobile-money-platform-offering-interoperability-towards-financial-inclusion http://hdl.handle.net/10986/30380

id	okr-10986-30380
recordtype	oai_dc
spelling	okr-10986-303802021-05-25T10:54:41Z Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion Del Carpio Ponce, Paola Elvira MOBILE BANKING FINANCIAL INCLUSION INTEROPERABILITY Like most emerging markets, Peru suffers from low banking penetration and faces challengesto providing financial services. Beginning in 2015, a strategy called Modelo Peru emerged as acollaboration between financial institutions, telecom companies, and the government, with the goalof launching a mobile money platform to better serve the nation’s unbanked and underbanked. Theplatform’s main innovative feature is interoperability among these three groups to achieve scale and breed competition among e-money issuers. Yet after two years the project continues to struggle to align all involved financial institutions toward its development objective, as well as ramp up the number and value of transactions the mobile platform handles. Important challenges to success include investing in a wider distribution network that more effectively reaches the unbanked, and building a strong digital ecosystem that makes the platform relevant and understandable to users. These challenges require better collaboration from the parties involved as well as strong political will. Absent those, mobile financial services in Peru will remain an alternative financial service rather than a tool for financial inclusion. 2018-09-06T21:04:10Z 2018-09-06T21:04:10Z 2018-05 Brief http://documents.worldbank.org/curated/en/239411532462331038/Modelo-Peru-A-mobile-money-platform-offering-interoperability-towards-financial-inclusion http://hdl.handle.net/10986/30380 English EMCompass,no. 54; CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo International Finance Corporation International Finance Corporation, Washington, DC Publications & Research Publications & Research :: Brief Latin America & Caribbean Peru
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	MOBILE BANKING FINANCIAL INCLUSION INTEROPERABILITY
spellingShingle	MOBILE BANKING FINANCIAL INCLUSION INTEROPERABILITY Del Carpio Ponce, Paola Elvira Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion
geographic_facet	Latin America & Caribbean Peru
relation	EMCompass,no. 54;
description	Like most emerging markets, Peru suffers from low banking penetration and faces challengesto providing financial services. Beginning in 2015, a strategy called Modelo Peru emerged as acollaboration between financial institutions, telecom companies, and the government, with the goalof launching a mobile money platform to better serve the nation’s unbanked and underbanked. Theplatform’s main innovative feature is interoperability among these three groups to achieve scale and breed competition among e-money issuers. Yet after two years the project continues to struggle to align all involved financial institutions toward its development objective, as well as ramp up the number and value of transactions the mobile platform handles. Important challenges to success include investing in a wider distribution network that more effectively reaches the unbanked, and building a strong digital ecosystem that makes the platform relevant and understandable to users. These challenges require better collaboration from the parties involved as well as strong political will. Absent those, mobile financial services in Peru will remain an alternative financial service rather than a tool for financial inclusion.
format	Brief
author	Del Carpio Ponce, Paola Elvira
author_facet	Del Carpio Ponce, Paola Elvira
author_sort	Del Carpio Ponce, Paola Elvira
title	Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion
title_short	Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion
title_full	Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion
title_fullStr	Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion
title_full_unstemmed	Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion
title_sort	modelo peru : a mobile money platform offering interoperability towards financial inclusion
publisher	International Finance Corporation, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/239411532462331038/Modelo-Peru-A-mobile-money-platform-offering-interoperability-towards-financial-inclusion http://hdl.handle.net/10986/30380
_version_	1764471837969874944

Modelo Peru : A Mobile Money Platform Offering Interoperability towards Financial Inclusion

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