Mobile wallet launched
The DR’s first ‘mobile wallet’ was launched by Orange and Banco Popular yesterday, Tuesday 4 February. M-peso is a mobile money initiative created to allow access to financial services for the bottom of the pyramid, which represent 72% of the Dominican population (9.4 million, 2010 census). The product was launched after six months of preparation and roughly eight months after the regulators published the framework for virtual prepaid cards and branchless banking.
Orange m-peso is a prepaid mobile wallet emitted by Banco Popular and linked to the customer’s mobile number. Through this innovation Dominicans can combine a telephone plan with a mobile wallet in a few simple steps, a first in the country.
The product was developed by GCS International who previously developed mobile payment products such as tPago, a solution that links bank accounts and credit cards to a mobile phone and enables merchant payments, airtime top-up, bill payment and person-to-person transfers between multiple financial institutions. tPago was launched in July 2010 and to this date the product has penetrated 25% of the banking population in just 3.5 years. In this timeframe the product has amassed more than 432 thousand subscribers by the end of 2013, and 13.7 million transactions, making it the most successful mobile payments product in the region.
Category: DR News |