900 entities will provide electronic money

Image: marketwatch.com.ec

E-money accounts raised a total of $580,000 according to the Central Bank of of Ecuador.

The idea of the system is that users can make payments through the cell phone without carrying cash, prior to the exchange of physical dollars.

By resolution 064-2015-M, the Monetary and Financial Board gave a term of 120 and 360 days so that 900 financial institutions “compulsorily” join the electronic money system as macro-agents; i.e. as places where people can charge or discharge on their cellphones.

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Sources: http://www.elcomercio.com/actualidad/dinero-bancos-dineroelectronico-comercio-compras.html