29 financial institutions offer virtual wallet services

The Mobile Wallet (BIMO) begins operations with 13 banks, 15 cooperatives and a mutualist, as of Thursday, October 3, 2019.

The service is aimed at making low value payments such as taxi races, shopping in a store or consumption at a gas station or restaurant.

29 financial institutions offer virtual wallet services

In general manager of Banred, Pablo Narváez, he indicated “that everything is ready to start operations”.

BIMO will allow financial institutions to offer the service to their banked customers and the unbanked (approximately 50% of the population) can also open a basic account.

“It is a first step in a financial inclusion process,” Narváez said. Banred is the company responsible for the technical and operational part of the platform, while the commercial promotion of its application depends on each of the 29 participating institutions.

The amount per transaction allowed is $ 1 to $ 50. The maximum quota per day to make payments is $ 100 and $ 300 per month.

These values ​​were initially defined, but they will be monitored to adjust them according to the demand of the payment method.

Each transaction has an operating cost set by the Monetary and Financial Policy and Regulation Board.

For both banks and cooperatives to make a payment costs $ 0.10 (including VAT) that will be assumed by the person sending the money.

Withdrawing money from non-bank correspondents costs $ 0.35 and $ 0.50 at ATMs.

Applications such as BIMO allow customers to have a formal relationship with a financial entity, through which they can access other services such as credit lines and all available banking services.

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/entidades-financieras-billetera-movil