With the goal of encouraging digital banking and boosting financial inclusion, Banco de Credito del Peru (BCP) recently collaborated with US-based payment software company i2C Incorporated to launch the iO app, which is available on the App Store and Google Play. The app’s offerings include: (1) conventional and virtual credit cards branded by US-based Visa Incorporated; (2) cashback on purchases; and (3) 24-hour customer service. Regarding security, the app has biometric controls, requires double authentication and limits logins to a single device.
The Chief Client Officer at i2C, Serena Smith, said iO will “help end-users gain access to innovative digital credit products” with “unmatched reliability, security and speed to meet and exceed their expectations.”
BCP offers microfinance, conventional banking, insurance and investment management services. The company and its subsidiaries reported total assets of PEN 191 million (USD 50 million), as of June 2022. BCP was established in 1889, is based in Peru and also has offices in the Bahamas and the US as well as a subsidiary in Bolivia. In turn, BCP is a subsidiary of Grupo Credicorp, a holding company in Peru with interests in wealth management and banking.
Among the goals of i2C is to leverage its proprietary “building block” technology to enable payment services for financial service providers and government agencies to provide a “quick” and “cost-effective” experience for customers. These services include banking, lending, cryptocurrency and fraud management. In addition to the US, the firm also has offices in Canada and Pakistan.
By Hawra Moochhala, Research Associate
Sources and Additional Resources
Pymnts article on iO
https://www.pymnts.com/digital-first-banking/2023/i2c-and-banco-de-credito-launch-io-banking-app-in-peru/
iO app homepage
https://www.io.pe/
BCP homepage
https://www.viabcp.com/
BCP financials (June 2022)
https://www.viabcp.com/wcm/connect/87eabe70-53bb-4813-bc5b-101d035ecc05/0464bcpcnfs2T22+%283%29.pdf?MOD=AJPERES
Grupo Credicorp homepage
https://grupocredicorp.com/
i2C homepage
https://www.i2cinc.com/
iO on Google Play
https://play.google.com/store/apps/details?id=pe.io
iO on the App Store
https://apps.apple.com/us/app/io/id1658364787
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