Do You Have Monedero?

I'm not referring to the classic one, the usual little one, where we keep coins and twice-folded bills, but rather its virtual version, which we carry inside our cell phones and can be as or more useful than its old "relative."

About this new product offered by the Cuban Telecommunications Company, ETECSA, we spoke with Héctor Luis Mora, director of Digital Services of the Digital Business Directorate of that entity.

—Héctor, what’s the mobile wallet (monedero movil)?

—It’s a virtual account associated to your mobile number. The slogan we are positioning is: “my mobile, my wallet”, because it’s exactly that: you have a mobile phone, you can have a mobile wallet.

—How can the mobile wallet be recharged?

—It’s possible to have two accounts, one in CUP and the other in USD. The CUP can be recharged in Cuba from another wallet, with a transfer from a bank account through Transfermóvil or Cadeca.

«In USD it’s recharged from abroad only. There are four sites, which are public on the ETECSA website, from which you can recharge through a financial entity, as stated in the license that ETECSA has to operate the wallet.

—So, the only way for USD to reach the wallet is it with these recharges from abroad?

—No, there are other options: if you deliver the Parranda bottles, that company puts money in your wallet in dollars, 10 cents for each bottle you recycle. In this way, we help the environment, and they have a slogan that says: "The more you recycle, the more you party." Actually, they are doing a very nice job, because they are reaching a sector that is not common in e-commerce. They even help the people who carry the bottles create a wallet and put the amount directly in USD.

—Where can we pay through the wallet?

—Wherever there’s a Transfermóvil QR to make an online payment, you can do it with a wallet as well. This service was created thinking about that sector that is not banked, that doesn’t own a card.

—What are the main advantages of the mobile wallet?

—First, that it is designed for an unbanked sector, that for me is the best advantage, in both currencies. Furthermore, having the possibility of putting your cash in a mobile wallet and then going out to pay in electronic commerce is the first of all and the reason it was created for.

«Secondly, there are exclusive wallet services. I already mentioned the Parranda case, ETECSA has Nauta Plus, but I'll give you another example: I don't have family abroad, I can't opt for an ETECSA international recharge promotion, however, if through Parranda or a friend who sends me a transfer from wallet to wallet, I have money in my wallet in dollars, I can make an international recharge, it’s a service in which the mobile wallet applies as a payment method.

«Store chains, especially TRD stores, are also beginning to do some exclusive wallet promotion actions, even with bonuses. And the other great advantage: I have Transfermóvil, I have a bank card, but my daughter does not; there are many young people who are in university and still don’t have a card. Electronic commerce among young people is spectacular, since they already have one more payment option. In addition, the wallet gives me the possibility of having an account to save: I put the money in the wallet and leave it there or the other way around, I leave the money on my card and only have the money I want to spend on the wallet. This is how it’s done in the world; in fact, the wallet is not our invention, it’s something that was created to, in countries with little banking penetration, people could be able to make electronic transactions that reduce costs.

«The other advantage is for entrepreneurs. We are living times when cash is very difficult. If you, as a provider of products and services, have the option of using all forms of payment, even complying with the instructions the Central Bank of Cuba and the Ministry of Internal Trade now have, then you can pay by scanning their QR also through the wallet.

—Is the idea to continue promoting initiatives and alliances that expand these advantages of the wallet?

—We are going to continue releasing exclusive products: in the next version of Transfermóvil, payment for visits to historical heritage sites in the city of Havana will come as a service that you will only be able to pay for through mobile wallet, but, at the same time, we have other allies who want to get involved. We have the idea that Correos de Cuba is a place where you can go to put your money in cash. Correos has the strength of greater presence than ETECSA; in every small town there’s a post office, so work is being done to be able to recharge the mobile wallet from there and, at the same time, the offices are going to use that money to offer extra cash service. We recently integrated Apklis, the apps store in Cuba, with the mobile wallet. Children don’t have a card, however, they have the possibility of having a wallet and can now download an application... in other words, yes, advantages will continue to be added to the use of this service.

Translated by Amilkal Labañino / CubaSí Translation Staff