Mobile Money ParaguayFebruary 1, 2018
Mobile Money System in ArgentinaMay 31, 2018
Inswitch was chosen to provide for a MOBILE MONEY SYSTEM that the Central Bank of Ecuador could implement and manage, with the purpose of improving financial inclusion for maginalized sectors, favoring social development and promoting the formalization of the country’s economy.
The Mobile Money System provided by IN Switch integrates the 3 mobile operators of Ecuador: Claro, CNT and Movistar, as well as different financial institutions and private and public companies of the whole country.
17+ MILLION USERS
All Ecuadorian citizens and residents can open a mobile money account.
It integrates all mobile network operators.
BANKED AND UNBANKED POPULATION
It promotes the formalization of the economy.
Considering the lack of access to financial services affecting –in 2014- 40% of the Ecuadorian Economically Active Population (“EAP”), the Mobile Money System of the Central Bank of Ecuador seeks to guarantee that all citizens and residents of the country, regardless of their social situation, can open a mobile money account and associate it to a mobile line, thus benefiting from the cellular phones penetration, which reaches 100% of the population.
Through this Mobile Money System, all citizens and residents shall be offered benefits such as:
- Reduction of transaction expenses.
- Access to Financial Offers.
- More safety for their transactions.
- Access to govenment networks.
- More information and transparency.
Using USSD, mobile application and web as main channels, the following use cases were implemented:
- Cash in / Cash out.
- P2P, B2P and G2P money transfers.
- Payment of services and bills.
- Collection management.
- Balance and operations enquiries.
With the successful implementation of the project, IN Switch added a new success case to its history in the mobile money universe, by developing, together with the Central Bank of Ecuador, 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 develop and implement a project with such characteristics, which will be certainly regarded in the future as a study case and a reference for anyone desiring to replicate an experience of similar characteristics.
December 2013 Tender Award
Agreement Execution February 2014
December 2014 Pilot Plan Launch
Commercial Launch February 2015