Fintech Alert - July 2026
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BCRP Approves Regulation on Immediate Payments Using Aliases and QR Codes: New Obligations for Financial Institutions
On July 15, 2026, Circular No. 0017-2026-BCRP was published, approving the Regulation on the Immediate Payments Service Using Aliases. The Regulation governs immediate payments in Peruvian soles made through an alias (such as a mobile phone number, national identity document number, or any other identifier approved by the BCRP) or by scanning a QR code, regardless of the infrastructure through which such transactions are processed. It will enter into force 60 calendar days after its publication.
The key provisions of the Circular are as follows:
- The service must be interoperable, available 24 hours a day, 7 days a week, and processed in real time or near real time. In addition, regulated entities must ensure operational reciprocity by enabling their users to both send and receive interoperable immediate payments. The maximum amount per transaction is PEN 30,000, although each entity may establish lower limits based on its risk management policies.
- Regulated entities must notify the BCRP at least 30 calendar days in advance of any new product, innovation, or material modification related to immediate payments using aliases, prior to either its pilot implementation or market launch, whichever occurs first.
- The Regulation prohibits degrading, blocking, or delaying payments solely because the payer or beneficiary belongs to a different provider or payment infrastructure, except for objective security or risk control reasons.
- Regulated entities must also notify the BCRP of any internal issues, or issues observed in other entities, that may affect the provision, continuity, or quality of the Immediate Payments Service Using Aliases, including the relevant supporting documentation.
- The payer's service provider must make available simple channels for handling errors, complaints, and claims. Responses must be provided within a maximum period of 15 business days and include a case number and tracking mechanism. This procedure neither replaces nor conditions the filing of complaints before the SBS or Indecopi.
- One of the most significant changes introduced by the Regulation is that Directory Managers and Directory Providers must obtain prior authorization from the BCRP. Directories are databases that link a user's alias to the beneficiary's funds account, enabling payments to be correctly routed using only the alias. Entities already operating in these roles have until December 31, 2026, to apply for authorization and may continue operating while their applications are under review.
- The sanctions regime establishes fines of 20 Tax Units (UIT) for failing to comply with certain information obligations owed to the BCRP; weekly fines of 5 UIT, up to a maximum of 120 UIT, for continuing breaches; and, in the case of operating as a Directory Manager or Directory Provider without authorization, successive fines of 20 UIT and 50 UIT, which may ultimately result in permanent exclusion from the service.
In practice, the Regulation raises the regulatory standards applicable to immediate payments using aliases and QR codes, particularly with respect to interoperability, operational reciprocity, directory management, user experience, claims handling, data protection, and prior notifications to the BCRP.