Mobile Money System in Argentina

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Mobile Money System in Argentina

In mid-2017, the Argentine company Nación Servicios,  technological arm of Banco de la Nación Argentina (known as Banco Nación), launched its first mobile wallet called “PIM”. PIM is a project with special focus on unbanked population and financial inclusion. Since its beginning, PIM has continuously included new functionalities, encouraging its usage and growth.
One year after launch, PIM has already reached more than 700,000 users.
Using an innovative acquiring model, PIM has achieved more than 60,000 retailers in less than a year.
PIM integrates all Mobile Network Operators.
PIM promotes financial inclusion.

The PIM mobile wallet, implemented over Inswitch’s MTS platform, had to be integrated with the three mobile network operators of Argentina: Personal, Movistar and Claro, as well as different financial institutions and private and public companies of the whole country.

The main goal of PIM is financial inclusion, especially with regard to the unbanked population. Nearly 50% of the Argentine people own bank accounts, but -within the lower income groups- only 1 out of 3 have access to basic financial services. PIM’s objective is to guarantee that all citizens and residents, no matter their social or economic condition, can open a mobile money account just by associating it with a mobile phone account, taking advantage from the high mobile penetration, which is higher than 150%. PIM subscribers can use mobile wallet money the same way they use cash in their daily life, encouraging financial inclusion and safer transactions.
Using USSD, mobile application and web as main channels, the following use cases were implemented (among others):

  • Transfer money.
  • Withdraw cash.
  • Purchase at retailers/merchants.
  • Pay tolls.
  • Receive social benefits.
  • TopUp.
  • Balance and operation enquiries.
With the successful implementation of its second project nationwide, IN Switch has added a new success case to its history in the mobile money universe, by developing, together with Nación Servicios S.A. and Datastar S.A. as local partner, an open ecosystem that guarantees interoperability of network operators and financial institutions. This made IN Switch the first and only company in the region to have developed and implemented two projects of such characteristics, which are already case studies and a reference for anyone desiring to replicate this great experience.
  • July 2016 Tender Award

  • Launch in Córdoba, Argentina July 2017

  • August 2016 Project Kick off

  • National Launch September 2017