Daisy Paris
From the end of August 2022 until now, one million users received credits for the Yape application, these people trusted the app want to have cash quickly and easily. Of this figure, more than 30% of affiliates have never had access to a loan within the financial system.
The head of experience in Yape, Lucía Barrantes, explained that since they launched this option to the public (August 2022), between 35% and 40% of the requested credits were responding to users from regions other than the capital, Lima.
In total, three million loans were disbursed, so it is estimated that each person took out, on average, three credits.
Lucía Barrantes, Yape’s head of experience, explained how this app was developed at UCSP.
How much do they lend and what do they rate?
The amounts Yape has enabled for loans range from 50 to 10,000 coins. Barrantes said that they are “pioneers” in this type of services, since they help to solve emergencies or urgency for people who run out of money to meet certain purchases of the week. While others take advantage of this benefit to boost their businesses or cover studies.
Users can access two types of loans: one installment and another that can be paid in several letters (from 2 to 24). The interest rate charged by Yape is a monthly average of 5%. If a user borrows 200 coins and pays that credit in one installment, within a period of 15 days, they pay around 206 coins.
Lucía Barrantes explains that in order to access credit through Yape, the app assesses how much and how often the user uses it. In addition, the history of past financial obligations, with credit cards or loans with other financial institutions, and the habit of paying for services are taken into account.
THE DETAILS
This application already uses algorithms so that each user experience is differentiated.
50% of transactions are from micro businesses
Today, it is becoming common that apps can pay for everyday purchases without physical money anymore.
Yape has recorded that 50% of the transactions were done through this app They are micro businesses such as taxi service, wineries, market stalls, ice cream sales, restaurants, among others. This is 50% of the total of 21 million transactions made per day.
It must be taken into account that the app There are almost 17 million registered people, of which 13 million are active users. This means that they do about 35 transactions per month; and every day between 5,000 and 8,000 new people enter.
In addition, the application reported that about 5 million clients were included in the financial system by using this system.
The executive said her goal is to include more Peruvians in the financial system.
Users must enter secure passwords and validate “yapeo”.
Since it is a widely used application, it is understandable that users also make their predictions. The experienced leader advised those who use it to use secure passwords and avoid those that may be predictable such as the date of birth, numbers that repeat (1-1-1-1) or are consecutive ( 1-2-3-4). The first thing a criminal who has the stolen mobile phone in his hands will do, he said, is try these combinations.
The second thing is that affiliates, especially entrepreneurs, always validate the transaction. It is not enough for the buyer to show the screen of his mobile phone, but the account must always be checked to verify that the money has arrived.
Lucía Barrantes says that these precautions must be taken by the user, but she clarifies that the app It has safety equipment that guarantees high protection.
Connectivity
A challenge to overcome is connectivity, reaching places that do not have the internet and, therefore, cannot use these types of applications. The executive said they will have to promote interconnection.
Currently, in addition to promoting financial inclusion, they are looking for the purposes or social problems, which are not necessarily linked to financial needs, which could be a new sector for Yape.
