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First Mobile Wallet in Latam
In 2008, IN Switch was selected by the Paraguayan mobile operator Tigo (of the Millicom group) to build and supply the product that was to become the first mobile wallet ever launched in Latin America -commonly known by its trade name: Tigo Money-.
Ever since then, IN Switch has continued working on the evolution of its MTS platform, adding new features, functionalities and improvements. More than a decade after this pioneering launch, the IN Switch MTS wallet has become a super powerful world-class mobile financial services platform, capable of handling multi-tenancy, P2P / B2P / G2P transfers, multiple banks interactions, the granting of loans and the completion of many other operations successfully.
1.8+ MILLION USERS
A big percentage of the population is currently using mobile money system.
With MTS, managing the POS network is really easy.
BANKED AND UNBANKED POPULATION
MTS promotes the formalization of the economy.
A few years later, Vox (in 2012) and Claro (in 2014), also acquired IN Switch’s MTS, thus making IN Switch's mobile wallet the standard in Paraguay.
On this basis, IN Switch has promoted the creation of an inter-operability hub between the different mobile money wallets.
These examples are highly valued in the region, and make this case one of the best known mobile money cases worldwide.
- It is estimated that 70% of the Paraguayan population was excluded from the financial system before the mobile money implementation.
- Paraguay was the first country to adopt the scheme of transfers/remittances of money through mobile phones in Latin America, focusing primarily on the unbanked population.
- Thanks to the mobile operators and the IN Switch technology, together with alliances with banks and financial institutions, 40,000 people were able to have access to credit for the first time.
Using USSD, and web as main channels, MTS allows to:
- Mobile Banking.
- Manage distribution chain and commissions.
- Cash In – Cash Out.
- Loans, Nano-loans and Overdrafts.
- Save funds / savings wallets.
- Pay goods and services.
- Pay bills.
- Local remittances.
- International remittances (Western Union certified).
- Value added services.
- Salary payments, benefits, tickets, etc.
- Alerts, reminders, offers, notifications.
- Access bank accounts and credit cards accounts.
- Segmentation and Analytics.
- Loyalty and Localization.
2008 Tigo Money
2014 Claro Paraguay