Yape

Localized payment services are nothing new. As a matter of fact, payment methods catering to certain countries or regions are very popular. First of all, they allow users to pay with a local currency, thus avoiding unnecessary costs related to currency conversions. Next, you can set up an account in your own language, preventing misunderstandings and potential issues. Finally, people tend to trust services based in their country more than some international solutions.

Now, it’s time to introduce the “everything app” or “super app”. This is a new trend that gained the most traction in Asia but quickly started to spread across the globe. The super app offers a bundle of services, ranging from messaging and social networking to online transactions and account-to-account payments.

One such app popular in Peru is Yape. Peruvians love Yape as it allows them to recharge their mobile phone balance, grab various tasty promotional deals from their favourite merchants, hail a cap, and make all sorts of transactions.

We are, of course, interested in the last service – online transactions. With Yape, you can send and receive money by scanning a QR code or sending funds to a mobile phone number. The service is available 24/7, and it’s fee-free.

Sounds convenient, indeed. But is it suitable for casino banking? Keep reading as we deliver a detailed overview of Yape and all its strengths and possible weaknesses.

About Yape

The story about Yape began in 2017 when the Banco de Crédito del Perú (BCP) decided to launch a mobile app that would help their clients easily send money to each other. Banco de Crédito del Peru is the country’s oldest and most reputable financial institution. As such, it wanted to capitalize on its leading position and the fact that Peru was among the countries with the highest cash usage rate.

Yape can be used for online gambling

Soon, the bank realized that it could expand its reach to even more clients nationwide if it started accepting clients from other Peruvian banks. So, in 2018, BCP opened its app to other users. Now, you don’t have to be a BCP client to use Yape. The app supports other Peruvian banks.

Some of them are:
• Banco de la Nación
• Caja Cusco
• Caja Sullana
• Mibanco
• Caja Piura
• Caja Tacna
• Caja Trujillo
• Caja Huancayo

In 2019, Yape introduced a new QR code payment feature that allowed users to make quick and easy transactions. The COVID pandemic also significantly impacted Yape’s popularity as people started to rely on its services and become accustomed to a cashless lifestyle.

You can pay bills, recharge your mobile plan, take advantage of hundreds of exclusive promos and even use Yapecard. The fintech says it has more than 13 million Yapers – users. As they also say, Yape is everywhere! Online merchants include Yape services that let them accept online transactions. Online casinos are also among the businesses that rely on Yape in Peru.

Target Markets

Although Yape primarily focuses on Peru, in August 2023, the fintech spread its reach to neighbouring Bolivia. The main goal is to attract 2.5 million customers from Bolivia to start using this popular digital wallet.
The Yape CEO, Raimundo Morales, expresses his hope that Bolivia will follow Yape’s success in Peru. This digital payment provider successfully motivated 2.7 million Peruvinas to join the financial system.
Consequently, Yape strengthened its position in the LATAM region, ranking among the top five mobile wallets.

Still, Yape is a leading Peruvian super app that handles more than 220 million transactions each month. After entering a new market, the expectations are high. We’ll have to see if Yape will broaden its reach further and enter more LATAM markets soon.

Yape Account

Yape is a mobile payment app. You can download it from the App Store and Google Play. When you do so, load the wallet and select “Crear una cuenta” to start the process.

Enter your mobile phone number and wait for a 6-digit unique confirmation code (Codigo de confirmacion) in an SMS. Then, enter the code to confirm your phone number.

The next step requires you to provide details from your valid ID – Documento Nacional de Identidad or passport. Also, type in your email address.

When you finish this, you’ll have to choose the payment method. You can pick BCP, Visa debit or Yappecard. Finally, create the 6-digit password you’ll use to log in to the app and confirm payments.

How to Deposit with Yape?

Yape casino deposits are straightforward. First, find your preferred Yape casino and sign up. Next, visit the cashier and choose Yape from the available deposit options. Enter the deposit amount and click Deposit. You will see the QR code, so open the app on your mobile phone and scan the code. Confirm the deposit amount and hit Yap. You’ll receive the payment confirmation. You are ready to go to the lobby to search for your favourite live casino games. Good luck!

How to Withdraw with Yape?

Unfortunately, Yape doesn’t support online casino withdrawals. The main reason behind such a drawback is the low limits set by the app. These amounts are not suitable for casino gamers. However, you won’t have problems finding other cashout options, like bank transfers, bank cards, or other digital wallets.

Transfer Times, Fees, and Security

Casino deposits with Yape are instant. You can make transactions 24/7, so deposits are processed immediately or within a few minutes. This depends on the casino itself, as they might be performing additional checks before they credit your casino balance. If you feel something is wrong, refresh the page, and the money should be available in your account. If not, contact the casino’s customer support.

One of the best things about Yape is that it doesn’t charge processing fees. However, the casino might have some costs, so always take the time to read the T&C or reach out to the support team for more details. Doing this on time is better than being unpleasantly surprised later.

Now, the reputation of Yape as a digital payment method is spotless. The same applies to the security. Since Yape is backed up by Peru’s leading bank, the Banco de Crédito del Perú, safety is one of its top priorities. Having such a reputable institution behind you ensures that all P2P or A2A transfers are secure and protected from any unauthorized access and potential misuse.