Central Bank of Ecuador launches mobile payment scheme

Posted on October 23, 2014 • Filed under: Business, Economy, Ecuador

paymentviews.com reported Ecuador’s Central Bank has embarked on an ambitious course to launch an affordable and widely available mobile payment scheme. In fact, it will be the national wallet. With some uncertainty, it appears that Ecuador’s initiative may be the second central bank effort to enter this space. Jordan’s central bank has launched “JoMoPay”, but for those of us who don’t read Arabic, details on the initiative are less than sparse.

But as I return from Quito and the M2Money Andean conference, there are details to share on Ecuador’s effort. The central bank will be both the owner and the operator of the scheme. They chose a proven mobile payment platform that will lend both capability and experience to the new initiative. The vision includes building out an ecosystem that includes P2P, top-up, B2B, cash in and cash out, in-store purchases, and electronic receipts. The plan is to link the mobile payment platform with the banking platform so that mobile accounts can receive funds from and send funds to bank accounts. Read Article

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