Fintech launches service for online shopping without credit cards in Peru

ACuotaz.com is an instant financing product for e-commerce, which will compete directly with credit cards in Peru

The Fintech sector in Peru has seen the recent launch of aCuotaz.com, an instant financing product for e-commerce, which will compete directly with credit cards. This was reported by El Economista America, on October 7th.

As explained in an article in the newspaper, this system uses technology and an alternative scoring method developed in the last four years by Apurata.com (a Peruvian fintech company specializing in microcredits). „Users do not need to have a credit history to access credit,“ they explained.

On the other hand, the publication highlighted that the Covid-19 pandemic and compulsory social isolation pushed thousands of Peruvians to make purchases without leaving home. „Thus, during the first half of 2020, online purchases grew by more than 44%, according to data from Ipsos Peru,“ they said in the article.

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

„This growth could have been higher, but has been limited, among other things, by the low penetration of credit cards in the population“

Online shopping in Peru

„According to the Peruvian Chamber of E-Commerce (CAPECE), 63% of online purchases in Peru are made with credit cards, however, only 9% of adults have one,“ explained El Economista America.