Cell phones are virtual wallets

Teléfonos celulares son billeteras virtuales

This post is also available in: Spanish

Cable & Wireless has launched a new service that will revolutionize the banking system. MóvilCash transforms your cell phone into a virtual wallet, allowing you to transfer money, top up credit and purchase goods and services. One of the first services to adopt MóvilCash is Panama’s toll road company, ENA. Customers with this app will now be able to pay tolls using their mobile phones.

Cell phones are virtual walletsThe tool known as MóvilCash is based on a robust platform that enjoys the banking support of Metrobank. This proven system complies with all the legislation and regulations of Panama’s financial system. This trend is currently on the rise in markets where mobile phone operators and banks are expanding their businesses to include financial services. For that reason, cell phones subscribers, even those who do not have bank accounts, will benefit.

Jorge Nicolau, Cable & Wireless Panama Executive President and General Manager said: “The telecommunications industry has had a great evolution. Before, there was only voice, but today the sky is the limit. The impact this tool will have on the Panamanian economy is huge, because of the informal workers that represent 25 to 38% of the total work force. Many of them do not have bank accounts, but have cell phones. MóvilCash will help promote more fair economic activities.”

Alberto Diamond, Panama Banks Superintendent said: “With this innovative initiative, Cable & Wireless will allow the levels of financial inclusion to increase in the country. It will permit people who do not have bank accounts to enter into the formal financial sector.”

Panamá has more than six million cell phones, a number superior to the total population. As the new system can be implemented on any mobile device, mobile banking will permit a vast number of consumers to make payments in a fast, secure and comfortable manner. To get started using the system, MasMóvil customers will need to register in any Cable & Wireless store or through an authorized MóvilCash agent.

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