Banco Popular de Ahorro in Cuba has launched the first mobile banking service in the country, as reported by Cubanet. At this time, it is only available to users with magnetic cards.
According to Banco Popular, the services include balance and transaction inquiries, utility bill payments and transfers. Users must present an ID card and their magnetic bank card to access the service.
Transfermovil is a mobile application that uses the Android operating system. The product was initially launched for just the institution’s employees.
Banco Popular de Ahorro takes steps to modernize
The Cuban banking system currently has 9 banks, 14 national non-banking financial institutions, as well as 9 representative offices for foreign financial institutions and one undergoing registration, according to data collected by 14 y Medio.
It was nearly one year ago that the use of MasterCard credit cards issued by non-US banks was permitted. The same situation applied to cards from Stonegate Bank and Banco Popular in Puerto Rico.
The new development was announced by the Central Bank of Cuba (BCC) during the First Conference on International Money Transfers.
Almost one year later, Banco Popular launches the first digital banking service in that country.
Technology advances at a slow pace
According to data from the Telecommunications Company of Cuba (ETECSA), Cuba has 4.2 million cell phone lines. Nauta is the only mobile network in the country and belongs to Etecsa.
The only telecommunications company in the country announced that it would invest in the sector this year. Plans include 200 public sites with WIFI internet, 38,000 connections for the Nauta Hogar service and mobile internet connectivity with the 3G roll-out.
GSMA points out that mobile penetration barely reaches 28 percent in Cuba, while for the rest of Latin America, it will increase from the 2015 figure of 65 percent of the regional population to 78 percent in 2020.
In addition, the number of people using their mobile devices to access the internet in Latin America will grow by 50 percent by the end of this decade. The forecast is that the region will add 150 million new mobile internet subscribers, for a total of 450 million subscribers.
Banking innovations in Latin America at only one event
The M2Banking & Fintech Latam event, which specifically focuses on the regional banking and financial services landscape, will be held next month.
Hosted by Frecuencia Latinoamérica, the eighth annual conference will be held from July 18 to 20 in Silicon Valley and will last for three days, with two dedicated to issues on commerce, payments and fintech, and mobile banking. The focus of the third day will involve visiting some of Silicon Valley’s most innovative companies.
M2Banking & Fintech will also serve as the framework for the latest Payments & Fintech Awards. For four years now, the awards have honored the major pioneers of the industry. For more information