Latin America Embraces Mobile Money

Latin America is one of the most dynamic regions for mobile money.
One day people the world over will be able to deposit money, withdraw savings, check their balance, pay their utility bills, receive their salary and remittances from abroad and government allowances—all on their mobile phones in a fast, convenient and safe manner. Thanks to technology and entrepreneurship, that day is now.

Welcome to the brave new world of mobile money. As the number of people using their phones for text messaging and data services increases, a range of alternative payment methods opens up. The mobile devices are converging with PCs and a natural step is to migrate from the brick and mortar financial services that have not reached everyone to the mobile device that sits in the pockets over 80 percent of people in Latin America.

Along with Africa, the Philippines, Latin America is one of the most dynamic regions for mobile money , as mobile phone usage is close to its full potential.

Efforts from financial institutions and mobile operators such as Banco de Chile with Entel and Tigo Paraguay or Digicel with Scotia Bank in Haiti are proving that there is strong interest from parties to text and find the right solution for the market. In Mexico, half of Internet banking users pay a utility bill online. These transactions prove the potential to move the flow from the physical branch or the “large” screen onto the much more ubiquitous mobile screen.
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Read : “Latin America Embraces Mobile Money” by Jerry Haar

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