Last updated: 31 May 2023
PagoEfectivo is an alternative payment method popular in Peru. It is also popular among Peruvian online casino players who use it to play poker and other gambling games or try their luck at sports betting.
It seems like the golden age of alternative casino banking methods is here to stay. And whenever we learn of a new one that gamers gladly use at online casinos, we can’t help but gear up for some investigative work.
We become incredibly motivated to learn more after hearing that the company prides itself on offering a payment method that is completely secure for the customer. CBM team of fintech professionals set out to leave no stone unturned and put together a detailed overview of PagoEfectivo.
After some time of zeroing in on PagoEfectivo, we deliver an in-depth PagoEfectivo review. We hope that the data we’ve gathered would help you learn all you ever wanted to know about PagoEfectivo. Including what are the best casinos accepting PagoEfectivo deposits and whether it may be the best casino banking method for you. Ready, set, go.
PagoEfectivo is a Peruvian payment method that allows users to pay online without using credit or debit cards. The company started operating in 2011.
PagoEfectivo is backed by Grupo El Comercio, a highly prestigious and reputable Peruvian media conglomerate. The support of a 180-year-old brand that opted for financial digitization helped PagoEfectivo become a trustworthy payment brand in Peru.
PagoEfectivo is not only a banking solution. It also drives digital transformation in the region. It’s been educating people and communicating the importance of e-commerce and digital payments.
PagoEfectivo is a fast, safe, and easy transaction service that enables people to buy online without using bank cards. Simply put, you can pay online with cash, without a need to share financial or personal data.
Both the unbanked population and those who hold bank cards but don’t want to use them online can take advantage of this service.
In Latin America, over 90% of people prefer to pay in cash. In Peru, the percentage of cash payments is even higher.
Therefore, alternative payment processors such as PagoEfectivo have a promising future. In 2019, PagoEfectivo entered the Ecuadorian market to enhance e-commerce in the neighboring country.
In September 2021, the world’s leading payment service provider, Paysafe, bought PagoEfectivo. The acquisition enabled Paysafe to grow its foothold in Latin America. At the same time, PagoEfectivo added a new market to its LATAM portfolio when Paysafe announced an expansion into Argentina in August 2022.
- August 2022: PagoEfectivo enters the Argentinian market through the Paysafe acquisition.
- September 2021: Paysafe completes the acquisition of PagoEfectivo.
- August 2021: Paysafe signs an agreement to acquire PagoEfectivo as part of a plan to expand the foothold in Latin America.
- January 2020: PagoEfectivo reports mobile banking boosts the number of transactions. The company processes more than 2 million payments per month.
- March 2023: PagoEfectivo Plans to Expand its Presence and Services in Latin America.
We’ve mentioned already that this is a Peruvian fintech solution. In February 2019, Juan Fernando Villena, general manager of PagoEfectivo, announced that the company had opened a commercial office in Ecuador.
The company also plans to expand its LATAM footprint by rolling out the service in Colombia and Chile. PagoEfectivo allows you to pay in cash or via the internet at more than 45,000 locations in Peru using its unique code.
The company cooperates with many banks and offline payment points in Peru and Ecuador. Some of them are BBVA, Interbank, Scotiabank, Banco Pichincha, BanBif, BCP, Western Union, MoneyGram, NIUBIZ, Banco de la Nación, and Banco Guayaquil.
CIP payment code
To make payments with PagoEfectivo, you need a CIP code. CIP is payment identification code (Código de identificación de pago). When you select to use PagoEfectivo for online transactions, you will receive this code. The CIP is a unique payment code generated when you choose PagoEfectivo at the checkout. You will see the code at the very end, and you’ll also receive a copy in an email.
Go to an online casino where you wish to use PagoEfectivo and select it as a payment method. The system will generate a CIP code. You can pay at one of the PagoEfectivo-authorized centers and bank branches. Depending on the financial institution you choose, you can pay CIP two ways. With cash or with online banking associated with the financial institution you’ve selected.
Some of the banks include BBVA Banco Continental, Kasnet, Banco de Credito del Perú, Scotiabank, Banco Interbank, Western Union, or Banco Guayaquil. If you pay at one of many offline retail stores, look for PAGOEFECTIVO sign. Show the CIP code to the cashier and pay in cash. Finally, check the proof of payment, and you’re ready for a casino adventure.
CIP code details
The new CIP receipt contains an 8-digit code, the amount you need to pay, and an expiration date (including time). The example: Pay before 22/06/2021 – 03:00 hrs. Once generated, the code has Pending payment status. The CIP changes its status into Canceled when you make the payment.
If the receipt expires and you haven’t finished the transaction, the CIP status moves to Expired. Also, the casino can cancel or delete the CIP. The status displayed in this case is – Deleted. When the payment is made, the authorized payment center will automatically inform the PagoEfectivo system. The system will then notify the online casino that the deposit was processed successfully.
PagoEfectivo is a casino deposit method you’ll see on the banking pages of several gambling venues accepting players from Peru and Ecuador. One of the casinos where you will find the PagoEfectivo logo is Betsson. As this is primarily a cash-based payment method, it’s good to go through all the steps to learn how to make a casino deposit PagoEfectivo.
- Log in to your gaming account and click on the “Deposit.”
- You will see the PagoEfectivo logo. Enter the amount you want to transfer to your casino balance, and click on “Deposit.”
- A new window will open. Make sure to enable pop-up windows in your browser before you go to the deposit section. PagoEfectivo 8-digit CIP code will appear. You will also see the list of banks you can use to pay the voucher.
- You can make an online payment with internet banking of one of the PagoEfectivo-approved banks. In this case, you need to have a bank account with the bank.
- If you want to pay in cash, visit the nearest outlet with PAGOEFECTIVO sign. Show the code and pay in person.
- The system will notify the casino that you’ve completed the transaction.
- Have fun!
When it comes to PagoEfectivo online casino withdrawals, we will have to disappoint you here. The system cannot process casino withdrawals. You will need to check out the withdrawal page and select bank transfer instead.
Online casinos that accept PagoEfectivo deposits don’t have any fees for processing these payments. Also, the service itself doesn’t charge fees for paying with PagoEfectivo. Even if there are some costs, they are so low that you won’t even notice them.
Still, if you pay using a bank account, your bank may have some small fees. To find out if they will charge you anything and how much, you need to visit your local bank that cooperates with PagoEfectivo.
The timeframes for PagoEfectivo deposits to become available in your online casino account vary from one bank to another. And from one retail store to another. The process is generally speedy, but it is not instant as with some other casino banking solutions.
When you generate the CIP code, the affiliate merchant will indicate how much time you have to pay. Most often, when you pay the code, the money is credited to your account within 15 minutes. For example, Betsson states that you will be able to enjoy your deposit within 1-15 minutes.
At Betsson, if you deposited through the CashPay (PagoEfectivo), you need to cash out with a bank transfer. In this case, the withdrawal waiting time is usually 2-5 business days.
Deposit limits at PagoEfectivo online casinos are within industry standards or even slightly lower. This is excellent news for all casino enthusiasts. At Betsson, for example, the minimum deposit amount is S/15 (around $5). Such a deposit sum is quite fair to players.
We’ve already said that you won’t be able to cash out winnings with PagoEfectivo. Instead, you need to select bank transfer. At Betsson, for example, the minimum withdrawal sum with a bank wire is S/60, or around $20.
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PagoEfectivo is a payment platform primarily based on cash transactions. Still, as many users can pay CIP using mobile banking, the company is serious about security. Cash payments are the most secure as you don’t need to provide any personal details.
PagoEfectivo website utilizes SSL secure protocol enabling end-to-end encryption. It means that the company ensures secure transmission of data between digital systems and PagoEfectivo.
The CIP code is also sent to the user’s email address. So, such protection measures prevent forgery and maintain the integrity of the message. Also, CIP is a unique number with a barcode assigned to each transaction.
You can contact the PagoEfectivo support team via email email@example.com, or by submitting a web form. Just make sure to select the country, Peru or Ecuador.
If you’re doing this for the first time, the company will use the email address you provide to create your account. You will then only need to set up your password.
If this is too much of a trouble for you, visit the FAQ page in the footer. The help page is easy to navigate, containing several categories. So, if you have a question regarding the CIP and how to use it, click “Usario CIP.”
We must say that the help page is excellent, with many questions answered in detail. For example, if you don’t know how to pay via the internet or mobile banking, they offer a page with a step-by-step guide with images for each affiliated bank. Nice job, PagoEfectivo.
Also, PagoEfectivo has a live chat “hosted” by a virtual assistant, Pedro Pagonico. Pedro can help you with some basic issues. If your question is too complicated for him, he’ll refer you to a live agent.
Localized payment platforms bring multiple benefits to their users. But, they also have a limited reach, which may be a minus. In the case of PagoEfectivo, the voucher is currently available only in Peru and Ecuador.
As a result, the number of online casinos offering this deposit method is relatively low. So, at the moment of writing this review, we couldn’t find player experiences worth sharing with you.
However, as the company announced its plans to spread into Colombia and Chile, we are sure that the number of casinos accepting PagoEfectivo will rise.
Consequently, the number of casino players in this region will also increase. When this happens, we will be the first in line collecting valuable feedback to share with you.
PagoEfectivo is a simple service based on cash transactions. As a result, the company doesn’t offer any additional “fancy” features.
Still, you can find information in the help center section about specific promotions, such as CyberWow in April 2021.
The special deal was promoting cash payments at certain websites. The offer included discounts for purchases up to specific amounts.
Some of the Peruvian shops that participated in the campaign include Tienda Efe, La Curacao, Linio, and Entel.
The company also has a Facebook page, PagoEfectivo Gamers, and organizes various promotions you can find on this page too.
So, we advise you to visit the PagoEfectivo help center (Central de Ayuda), click the “Legales” button, and look at the “Campañas comerciales” section of the page.
PagoEfectivo is a voucher that can be displayed online but also printed at brick-and-mortar stores. So, the company has no dedicated mobile app. You can use mobile banking to pay with PagoEfectivo, but such an app has nothing to do with the service.
PagoEfectivo allows you to fund your online gaming account, pay bills, or transfer funds to friends and family.
In 2020, Juan Fernando Villena, general manager at PagoEfectivo, said that mobile banking has significantly boosted company transactions. As a result, PagoEfectivo processed some 6 million payments via mobile banking alone. At the same time, the company also had an increase of almost 60% in cash payments.
Before the pandemic, PagoEfectivo processed some 700,000 transactions per month. Now, the company is processing more than 2 million payments. The growth shows that PagoEfectivo had tripled the number of transactions, reaching the growth level they defined for 2022.
PagoEfectivo also participates in many important digital events in Peru. The company supports various sports events, Black Friday, national holidays, Mother’s Day (provides coupons and gifts).
In Ecuador, PagoEfectivo participates in events such as E-commerce Day in July.
No, this is not necessary. PagoEfectivo will create a user account for you when you generate the payment code (CIP). The payment service will take the email you used to make a purchase to create your account. You will then be able to have full control of your pending CIP codes.
The answer is no. The casino is only informed about the amount, code status, and when you pay CIP to fund the casino balance.
Deposits are fast but aren’t immediate. However, the waiting time is no longer than 15 minutes. At some casinos, this may be finished quicker.
Well, as a cash voucher, PagoEfectivo doesn’t support two-way transactions. But, since you can pay the CIP code with your bank account, the casino will allow you to cash out the winning with a bank transfer. Still, check the casino’s Terms and Conditions before you deposit the funds.
Online casinos don’t have fees for deposits with PagoEfectivo. Also, the company itself has zero or minimal fees you won’t even notice. But, always be aware that your bank may charge you for processing PagoEfectivo transactions. How much, you’ll need to check with your bank.
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Biljana is an experienced content writer who started building her career in 2004. In 2013, she began to work for a Swiss telco company, where she wrote texts for websites and created various marketing collateral. She started her iGaming “adventure” in 2020 during the pandemic and never regrated the decision she made. Biljana is a Content Manager in charge of preparing content plans for websites such as CasinoBloke.com, LiveCasino24.com and OnlineGambling24.com. One of the latest projects she’s particularly keen on is CasinoBankingMethods.com.