Fpay chooses Inswitch for the cash top-up to its wallet in LATAM

Inswitch, a leader in embedded financial technologies focused on banking and payment solutions; and Fpay, the digital payments solution of Falabella group, have announced that they are working together in projects that enhance their payment capabilities in Peru, with the purpose of expanding rapidly to new key markets across LATAM.

Currently, Fpay is deploying the cash top-up to its wallet for every person in Peru, regardless of whether they have a credit card or bank account or not. This feature allows unbanked people to access a digital means of payment, pay via QR code on their mobile phones, pay in eCommerce, make direct transfers to contacts and make use of a program of benefits and discounts. Inswitch, on the other hand, delivers an efficient ecosystem and payments network within the Fpay app, to guarantee seamless cash top-up experiences, with high processing volumes, through an extended local coverage.

Ronald Alvarenga, CEO of Inswitch, said the company “helps other companies digitalize their financial services. To that end, Inswitch provides the ‘multiple rails’ infrastructure to accelerate payments coverage for ecommerce. At the same time, Inswitch makes it possible to expand the business to new markets and innovate -beyond payments- with a wallet and transactional banking platform that is fully on the cloud, flexible and available through APIs and microservices. With us, any company can create and launch financial services in a fast, reliable and global way”.

Fpay will provide the experience to add cash to its wallet through Inswitch and its local networks in Peru, allowing clients to access stores and benefits that it is already offering.

“Having the ecosystem and top-up service of Inswitch in Peru will allow us to fulfill our purpose: ‘simplifying payments for all Peruvians’, strengthen our value proposition and contribute to financial inclusion through our digital payment solution, which is simple and safe. When adding cash on the Fpay app, any person will be able to transfer money to the contacts on their phone, pay via QR code at participating stores and access discounts and benefits such as the CMR puntos/points”, said Adolfo Pittaluga, CEO of Fpay.

Today, fast growing companies like Fpay will find, in Inswitch, new ways for backing their regional expansion through a wide network for cash-in services, one single integration, scalability and speed, which in the end translates into better experiences for the user.

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About Fpay

•  Fpay is the digital payments solution of the Falabella group, both for people (APP) and businesses (QR, payment button, payment gateway), aiming at simplifying its clients’ lives through fast and safe transactions. It is present in Peru and Chile.
• Any person above 18 years old can download the Fpay app for free and add their debit or credit cards, regardless of the banking entity, or top up the Fpay account and thus pay at stores and online in an easy way.
• The wallet was launched in Peru in November 2020. To date, there are over 1,500,000 users and 3,000 merchants.
• Fpay offers many benefits, such as promotions at participating stores, inside and outside the Falabella group. It also allows for the automatic enrollment in the loyalty program ‘CMR Puntos’ and the additional accrual of points for all those making purchases through the app at Falabella affiliates and participating stores, making it possible to redeem points on the app. 

About Inswitch:

Inswitch is a global leader in embedded financial technology, helping companies and organizations to rapidly implement their own digital financial services. With the Inswitch API-based Fintech-as-a-Service platform, any company can become a Fintech and choose the best solution for its specific needs. All with a fast go-to-market strategy, zero friction and using the Inswitch global network for cash, banking, credit/debit cards, issuing and payment operations.

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