Ecuador backs national mobile wallet

Wednesday, October 22, 2014

In an unusual move, Ecuador is reportedly building its own mobile wallet to boost financial inclusion, without the involvement of the country’s operators or banks.

The country’s central bank will be both owner and operator of the wallet which is currently being pilot tested, according to Payments Views.

The project wants to enable an ambitious range of services including P2P money transfer, top-ups, B2B payments, cashing in and out of the wallet, as well as in-store purchases.

Source: Mobile World Live (link opens in a new window)

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mobile banking, mobile finance, mobile money