Cash or charge? Debit card operations skyrocket 44% in Peru

(LivinginPeru News) — Based on a report released by Peru’s Central Reserve Bank (BCR in Spanish) debit card use became the fastest growing payment method in Peru, with the total value of operations growing by an astonishing 44% when compared to January 2006.

The report also informed of an overall increase of 18% in non-cash payment methods (debit cards, credit cards, credit transfers, on-line banking, direct debits, and ATMs).

"The increase in debit card use is due to convincing promotional campaigns and effective sales efforts by Peruvian banks to promote their use," explained the report.

Other methods of payment such as credit cards, on-line banking, and credit transfers, maintained slight increases when compared to the previous year.

Direct debit payments, such as payments of electricity, water, cable, credit card, and tax bills, also maintained the 5% increase from a year ago.