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FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.
For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.
Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.
Introduction
Attitude of the country towards modern payment services
We have a good environment to promote more offers for payment services. The regulation accepts any kind of payment service in case of the banking companies or regulated electronic money companies. In case of non-banking companies, they need to obtain a license as electronic money company. The provider of the sole electronic platform to allow those payment services is not a regulated company. In this last case, the providers need to follow the general contracts regulation to avoid any breach of the law, by respecting the will to sign contracts, the rights for consumers and the right to be informed about the hired services. Regarding wallets, these companies are not regulated and are allowed to connect the clients with merchants for payments. Until now, all the wallets in Peru are related to a supervised company as banks to collect and debit their customer´s accounts. The Superintendence of Banking, Insurance and Pension Funds Administrators called hereinafter as SBS continues to supervise the issuance of electronic money, and all digital wallets must operate in partnership with a licensed financial institution.
Legal affairs
Obligations and requirements to provide payment services or ancillary services described above
Electronic payment services are allowed for banking and financial companies. Such banking companies do not need any additional license. For a new company, it will first need to be incorporated as an electronic money company, by obtaining a license before the Peruvian Banking Regulator, the SBS. The license cost could vary, depending on the law firm fees, and could cost USD30,000 and take 12 months approximately. The required minimum capital for a new company equals to USD700,000. This minimum capital must be fully paid-in and adjusted periodically according to the SBS. Additionally, companies must present an operational plan, a risk management system, a compliance program aligned with anti-money laundering (AML) regulations, and a cybersecurity policy. The authorization process consists of two stages: (i) organizational license and (ii) operating license. All documentation must be filed in Spanish and include a description of the technological infrastructure.
Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area