Powerpay brings its ‘Buy Now, Pay Later’ payment solution to Peru
Powerpay, a new payment platform offering a ‘Buy Now, Pay Later’ (BNPL) solution, is now available in Peru, providing fast and secure payment options for users. With Powerpay, Peruvian consumers can use any credit card they like to make purchases in flexible, interest-free installments, without affecting their credit limit.
The initiative is backed by BBVA and relies on the bank’s innovation, expertise and experience in consumer banking and means of payment in both Europe and Latin America.
As the first and only BNPL service in Peru, Powerpay allows users to pay for purchases by credit card in 3, 6, or 12 installments. There are two options available: users can opt for three installments, without paying any interest or commissions, or otherwise 6 or 12 installments, again without interest but this time paying a variable fee, depending on the amount of the purchase. The commission is split equally across all installments.
Powerpay can be used with any credit card in the market and does not count toward the card limit. Users pay only the first installment and the following installments are automatically charged every 30 days to the card until the financed amount is repaid.
More purchases, more sales
The platform is designed to support both consumers and businesses. Juan Fernando Villena, CEO of Powerpay, emphasizes that the service benefits not only shoppers but also merchants, helping them increase sales, attract new customers, and grow their businesses by joining Powerpay’s network: “The value of Powerpay lies in its flexibility in payment terms, and also the fact that only the first installment is charged to the card at the time of purchase. This helps merchants sell more while providing consumers with a secure and efficient shopping experience.”
Powerpay also offers an omnichannel approach, allowing purchases through physical stores, e-commerce, or assisted sales for added convenience.
Arrival in Peru
Powerpay’s arrival in Peru comes at a time when e-commerce has been steadily growing over the past 15 years, now accounting for 10% of average retail sales. Consumers are on the look-out for innovative solutions that are quick, safe, and easy to use, which has opened the door for new payment methods like BNPL.
According to Nataly Paredes, Head of Marketing at Powerpay, the platform’s unique offering—combining a secure, user-friendly experience with a flexible payment structure—has allowed it to succeed in the Peruvian market: “Powerpay’s distinct features make it an ideal solution for consumers and businesses alike, helping to further stimulate the Peruvian economy.”