How will the ETECSA mobile wallet work?

Posted on: March 22, 2021
Posted by: Izer Hector
Posted in: Economy

ETECSA will soon enable the mobile wallet, thanks to the License from the Central Bank of CubaThis allows it to provide financial support services to collection or payment institutions in the national territory.

That is, money in the mobile wallet can be recharged from the phone balance and cards linked to bank accounts. Whereas, you can make purchases in stores where the Transfermóvil platform is enabled.

ETECSA mobile wallet

In this way, ETECSA’s mobile wallet can be used to pay for water and sewage canal services, and EnZona Street to clean potholes and rubble, among other things.

Mobile wallet balance cannot exceed 5,000 pesosWhile it will be possible to conduct transactions of up to 1500 pesos.

In addition to, Transfers between mobile wallet and bank accounts.

however, Cash withdrawals will not be allowed Or top up your mobile wallet with cash deposits.

The ETECSA Mobile Wallet can be recharged in two ways:

With the balance of magnetic cards linked to bank accounts.
From the balance associated with the mobile phone service.

In other words, the money could be in the mobile wallet Recharge from phone balance and cards linked to bank accounts.

to me the decision, ETECSA will not be able to carry out operations in which it commits to its equity balance to provide financing to any counterparty.

Additionally, you must develop a system Managing operational, counterparty and money laundering risks.

While, you must enable Internal control systems And customer service that guarantees consumer protection.

ETECSA may also Reconciliation of operations carried out with bank cards.

In short, ETECSA’s new mobile wallet – to convert the balance into electronic cash – can mitigate remittance shrinkage. Western Union suspended its service.

More news from Cuba

DIMECUBA es una empresa para llamar a cuba, con promociones en Recargas Cubacel. Además ofrece el servicio de viajes y envíos a Cuba. Dirección: 3750 W 16th Ave Ste 100, Miami, FL 33012, Estados Unidos. Horario: lunes a viernes de 10:00 a 20:00 y sábado de 9:00 a 17:00. Teléfono: +1 786-408-2088.

If you liked those Cuba NewsMark 5 stars: