MADRID, Spain.- The Cuban Telecommunications Company (ETECSA) announced that a payment option and other electronic commerce operations will be enabled “soon” through Transfermóvil’s MiTransfer Stock Exchange, even without having Bank cards associated with an account.
This is the “mobile wallet” or “virtual wallet”, also known as e-wallet, a digital tool in which you can save money or make transactions such as bill payments, online or physical purchases and transfers.
cubadebate He points out that this extension is due to the fact that “some users have had limitations in accessing their options because they do not have magnetic cards.”
“Until now, to make an e-commerce payment through Transfermóvil, you needed a bank account associated with the card. With the authorization of the MiTransfer Stock Exchange a few months ago, the possibility of having a virtual wallet was created in which money can be deposited without having a bank account (having an account at BM, BPA or BANDEC) and, in this way, paying for online services telecommunications”, Héctor Luis Mora Hechavarría, director of Digital Services at ETECSA, told the official media.
As he added, “the novelty lies in the expansion of this service, not only to the sphere of telecommunications (telephone bills, recharges, etc.), but also to pay online for any service in which payment is enabled through code QR through the Transfermóvil platform”.
How will the Cuban virtual wallet work?
According to Mora Hechavarría, at first the benefit will begin in some places and then it will be extended to the rest of the entities that request it.
The wallet can be opened with accounts in CUP or USD and the payment can only be made in the same currency in which the account is. In this sense, the manager specified: “In this first stage, if you want to pay for a service in CUP, you will not be able to pay it with the account in USD, something that must be modified later.”
In addition, initially the virtual wallet can only be used for the purchase of goods and services in electronic stores where the Transfermóvil platform is enabled as a means of payment, as well as in the transfer of balances between wallets as long as they are in the same currency.
Subsequently, money can be transferred (from the wallet) to a bank account and the purchase of Cuban pesos (in Cadeca) will be enabled.
