SANTIAGO – Mobile financial services, available via new electronic platforms so that payments can be digitalized, are flooding into Chile thanks to the firm Mobiquity.
Mahindra, the Indian multinational tasked with developing the mobile technology in the South American country, announced Tuesday in the Chilean capital that an agreement had been signed with Chile’s Transfermoney to bring a “free, simple and secure” service to the public that will allow people to make financial transactions without needing to exchange cash.
“We’re convinced that this tool will benefit the Chilean consumer enormously, placing in his hands the new global method of payment,” Vikram Shanbhag, Mahindra’s senior vice president for the Americas, said during the presentation of the new technology.
Mahindra Comviva, according to its executives, is a leading Indian firm in the development of mobile solutions, provides services to 750 million users worldwide and processes payments amounting to $22 billion per year.
Patrick Allainguillaume, vice president of Mahindra’s global marketing units, said that “consumers are more and more used to digitalizing their payments” and so this new service will give a push to the country’s development in that area.
He also said that the system has been designed for all types of users, from those who use checking accounts and credit cards to those who do not even have bank accounts.
For the latter group, the prepayment option exists.
The firm says that the app will also provide commercial advantages, such as discounts or special sales to create incentives to use it among Chileans.
Transfermoney commercial director Luis Caceres said that the alliance with Mahindra Comviva is a “positive” development, adding that “the application meets the highest security standards” with a double “anti-theft” system.