The tariff for mobile wallet services (BIMO and BICO) is now ready. It is a matter of days for it to be approved and put into operation. This was explained by Marcos López, delegate of the President of the Republic to the Monetary and Financial Policy Regulation Board.
At the moment said rate has been brought to the attention of the Superintendency of Banks and the Superintendence of Popular and Solidarity Economy. Is that both banks and cooperatives have their products ready to make transactions through cell phones.
At the end of 2017, through the Law of Economic Reactivation, the Government withdrew the exclusive administration of electronic money to the Central Bank of Ecuador. The electronic money project, in the hands of the ECB, never stood out. In the same law, the possibility was left open for banks to deliver this type of service through electronic means. During the first months of 2018, the resources they had in accounts of this type were returned to users.
There had been talk that the bank could, with this tool, reduce some $ 800 million a year of use of cash.
One year and five months later, it seems that there is a greater possibility that the mobile wallet works.
Lopez explained that the electronic wallet will have free services, others will have very low costs. He said mobile wallet fees for cash withdrawal will have a higher cost. This is because the objective is to encourage the electronic and not the physical use.
The bank has spoken unofficially of figures of $ 0.10 or $ 0.09 per transaction. This figure would be lower than the most frequent transactions made by banks.
According to Beatriz Marulanda, of Marulanda & Consultores, in Ecuador there is a low use of electronic means of payment to make payments and transactions and an important use of cards for cash withdrawals for carrying out economic transactions.
However, a good product of “mobile money” can generate important transformations in this behavior. He warns that it is crucial to ensure adequate value offer and interoperability. (I)