Despite strong demand, questions arise about the system's interoperability, which currently allows individual account holders at Scotiabank, BBVA and Interbank to make and receive transfers.
PLIN has landed in the Peruvian market as a new way to transfer money between banks, for free. With just a few weeks in operation, the system already has a large number of registered users – through organic growth, without formal marketing campaigns. The goal of the system is to offer immediate, free person-to-person transfers between Scotiabank, BBVA and Interbank accounts. It is managed through mobile banking, with the service integrated into each bank’s app. “Our goal in the short term – 60 days – was to reach half a million users, and we’ve done that in less time. So our next goals will be much more ambitious,” said Luis Torres, SVP and Head of Digital Banking at Scotiabank. He didn’t reveal whether these 500,000 users had made transfers, or whether they were users who had registered for the service with their bank. Although PLIN is billed at the moment as a free P2P transfer services, the banks behind it are also considering adding other use cases, said Torres in the interview.