Thunes, a Singapore-based financial technology company that powers payments for businesses, have joined forces with MOVii to launch Colombia’s “first instant cross-border payments using MOVii mobile wallets.”
MOVii, a Bogota-headquartered digital challenger bank and mobile payments platform, boasts of more than 3 million mobile wallet users.
Through the partnership, Colombians both home and abroad, will enjoy cross-border transfers, both companies said in a statement.
Hernando Rubio, the CEO and Co-Founder of MOVii, said the collaboration will enable it to facilitate its existing mobile wallet service by tapping into Thunes’ global network spread across 127 countries.
Gabriel Carvajalino, the Vice President (VP) of Network Development at Thunes, noted that the partnership will enable Thurnes to strengthen its network in Latin America.
Carvajalino explained, “Previously, a cross-border payment to Colombia using traditional corresponding banking networks could take several days and involve hidden fees and a lack of transparency.
“Now, MOVii’s more than 3.0 million users can receive money across the world in any currency as quickly and cost-effectively as a local transaction. This convenience brings significant benefits to consumers, entrepreneurs and businesses.”
Digital Payment in Latin America
According to Carvajalino, the rapid expansion of the internet, mobile phones and digital payments is triggering a cascade of progress that is improving the wealth and well-being of hundreds of millions of people in the region.
The VP wrote in an August 2021 article that although digital payment is expanding across Latin America, economies throughout the region still depend heavily on cash, with up to 90% of payments in Mexico conducted with paper money and about 70% in Brazil.
“This is partly due to the large number of people who still don’t have a bank account. Among medium to large countries, Mexico has the fifth-highest share of unbanked people in the world at 63%, with Peru, Colombia and Argentina all in the top ten.
“Why is the share of unbanked still so high at a time when mobile banking is so convenient and accessible? One reason is trust and the understandable hesitancy among people who are used to cash and suddenly have to put their trust in numbers on their phone screen,” Carvajalino added.
