Visa Inc. has developed a technology for making payments and debit card and credit transactions from phones that will be used in Guatemala for the first time in Latin America.
This is the platform Visa Payments and Transfers, through which Visa customers can make transfers from their cell phones with credit or debit cards in order to make payments, send funds to other users and to receive international remittances, said Roberto Gonzalez, director of business development for Visa Latin America and the Caribbean to elPeriodico.com.gt.
An important advantage is that this service can be used from any phone, regardless of the operator and whether or not it is a smartphone. There are 2 ways to make the transfers: via the number *8472 if the phone is low end, and through an application if the phone is high end such as an iPhone, BlackBerry or Android phone.
In Guatemala, two phone-financial services are already up and running, Tigo Money and Bancamigo, with limited advantages. The difference, as explained by Derick Brol, director of information technology EBclosión, is that "now Visa has come into the arena, which is also a banking product, but it uses credit cards and debit cards, which now are the ones who have more opportunities to benefit. Little by little there will be better and improved alternatives for the public. "
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From the month of September recipients of remittances in Guatemala, Honduras and El Salvador will be able to receive them on their mobile phones.
By using a its cellular network platform, the Guatemalan company Tigo Money, a subsidiary of Tigo, will offer international services for money receipts.
From the second quarter the company will introduce a project to provide financial services through cell phones.
Brayan Peralta, CEO of remittance products for Visa Latin America and the Caribbean, said that through this service the benefits of the financial system will be extended for reciept of remittances.
The companies formed a joint venture in order to provide financial solutions through mobile phones in Latin America.
Movistar mobile customers in Latin America may use the mobile phone to transfer money to other people, pay bills, purchase airtime and make purchases in shops and stores, among other services.
Tigo announced yesterday that it will increase the number of Tigo Money agencies in Guatemala from 1400 to 2000, in order to reach populations without banking facilities in rural areas.
Tigo Money started as a remittance service that allows cost-effective money transfers to Tigo users in Guatemala, and it is now making preparations so that these agencies, which are installed in convenience stores, drugstores and gas stations in local communities, can also to pay microcredit.