BCRP sets new rules for companies that process digital payments

The Central Reserve Bank of Peru (BCRP) approved regulations for services that allow merchants to accept digital payments and subsequently receive the money from their sales. Circular No. 0026-2026-BCRP establishes obligations for those who engage in acquiring activities or collect funds on behalf of businesses, as well as for the infrastructures involved in processing and settling transactions.

The regulation covers payments made with cards, QR codes, instant payments, and other instruments or channels. It is scheduled to enter into force on January 1, 2027; therefore, its provisions should not be understood as obligations already in force. The regulation provides for an adjustment period and, according to the published information, the BCRP may grant, upon a reasoned request accompanied by a work plan, a period of up to 90 calendar days.

Merchants’ funds must be kept separate

One of the main changes is the separation of money that an acceptor receives on behalf of a merchant. While these funds are under its administration and before they are transferred to the business, they must be kept separate from the company’s own resources, in accounts intended exclusively for receiving and delivering them.

The accounts must be held at financial system companies with a rating of at least B+, or at electronic money issuing companies that participate in the Real-Time Gross Settlement System (LBTR). The stated purpose of this requirement is to protect funds belonging to merchants; its specific application will depend on the conditions established by the regulation.

The regulation also establishes obligations for the reconciliation and traceability of transactions. Information on transactions must be retained for five years, according to the details published about the circular.

Clearer terms for contracts and fees

Agreements between acceptors and merchants must specify, among other things, the services offered, applicable fees, settlement deadlines, the responsibilities of each party, and the mechanisms for handling complaints or disputes. In addition, infrastructure providers and administrators must publish relevant information about their rates and fees.

The regulation provides that charges associated with the service must be based on objective, transparent, and verifiable criteria. When transactions are processed through a payment infrastructure, interchange fees must also be proportional and non-discriminatory. These rules establish transparency requirements but do not, by themselves, set a single market-wide fee.

Risk management and interoperability

The obligations also cover merchant onboarding, payment processing and settlement, complaint handling, and risk management, including risks related to fraud and operational continuity. Infrastructures must have rules governing the flow of information and funds, the allocation of responsibilities, and procedures for resolving incidents and disputes.

For instant payments using aliases and QR codes that are part of the Payment Acceptance Service, the BCRP’s interoperability provisions must be followed. The regulation seeks to establish common standards for equivalent services, even when transactions are processed through different infrastructures.

Who is covered by the regulation

The scope focuses on providers that accept payments for merchants and administer or transfer the funds from their sales, in addition to the infrastructures involved. It does not mean that every digital wallet is regulated indiscriminately: the role a company performs in accepting and settling the payment is relevant in determining whether it is covered.

For businesses, the expected changes will mainly affect contractual terms, information about charges and settlement deadlines, and the management of funds received by their providers. Covered companies must review their processes and prepare to comply with the new requirements before they enter into force, taking into account the adjustment period provided for by the regulation.