Mobile World Congress 2018January 19, 2018
Nationwide Mobile Money System in EcuadorFebruary 2, 2018
First Mobile Wallet in Latam
In 2008, IN Switch was chosen among other companies to build and provide Tigo (Millicom Group), what later would be the first mobile money wallet launched in Latin America.
Since then, IN Switch has built its product called MTS (for Monetary Transaction System), adding new functionalities and improvements until becoming a world class solution. MTS is able to handle a multi-tenancy scheme, P2P-B2P-G2P transferences, and multiple banking connections, among other money transaction operations.
+1.8 MILLION USERS
High quantity of the population are currently using mobile money system.
With MTS it is really easy to manage the POS network.
BANKED AND UNBANKED POPULATION
Promote the formalization of the economy.
Years after, in 2012 and 2014, Vox and Claro respectively, acquired IN Switch’s MTS, making IN Switch mobile wallet as a standard in Paraguay.
Since then, 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 made this case of mobile money in Paraguay one of the most known cases worldwide.
- It is estimated that 70% of Paraguayan population were excluded from financial system before the mobile money implementation.
- Paraguay was the first country that adopted the scheme of transfer/remittance money through mobile phones in Latin America, focusing primarily on the population with financial exclusion.
- Thanks to mobile operators and IN Switch technology, together with alliances with banks and financial institutions, it was achieved that 40,000 persons were able to access 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