It took only a few months for its reach to expand on February 28th, 2023, following the license granted by the Central Bank of Cuba, which would transform it into the MiTransfer Wallet, whose purpose would include payments for services and products.

This 100% Cuban wallet has positioned itself in the Cuban financial landscape, surpassing 800,000 active users.

It currently has an average daily growth of 880 users and handles 4.4 million monthly transactions.

Since its implementation, it has enabled tens of thousands of unbanked people (those without bank cards) to participate in the e-commerce ecosystem.

It’s a technology independent of the banking network with a clear growth trend in operations and users.

Comparing user growth during the first 7 months of 2025 with the same period in 2024 shows a 40% increase.

The MiTransfer Exchange was the initial name of this product, which originally only facilitated the payment of telecommunications services.

Currently, it has two virtual accounts, one in CUP and one in USD, which function like a traditional bank account and can be used to make payments for services and products through Transfermóvil.

These virtual accounts can have a maximum balance of 80,000 CUP and 5,000 USD, respectively.

From the Transfermóvil app, under the "CUP account top-up wallet" option, you can fund your CUP virtual account from a bank card through a simple and secure process.

You can also fund your account by making a cash deposit at CADECA offices.

In the case of the USD virtual account, it’s topped up from abroad through international financial institutions.

The MiTransfer mobile wallet offers a portfolio of services similar to those offered by other banks: it allows for online payments, transfers, inquiries, and utility bills.

It has a very simple yet secure registration process. You only need to be the owner of the cell phone line, define a PIN that will be used for authentication, and have a few seconds to spare.

Among the unique features of this product is the ability for each user to have different virtual accounts; that is, other virtual accounts can be created within this wallet with different scopes and purposes.

A milestone in the history of Transfermóvil

In the history of Transfermóvil, the emergence of this wallet is one of the most important and strategic milestones from the perspective of financial sovereignty and the development of e-commerce, Julio Antonio García Trápaga, Director of Support and Development of the Digital Business Division and leader of the Transfermóvil Project, told CubaSí.

Very few countries have wallets developed with 100% national technology; most are the privilege of developed countries and powerful transnational companies, García Trápaga emphasizes.

The MiTransfer wallet has not yet reached maturity for various non-technological reasons. Hence, the executive explains, a well-defined policy has been outlined aimed at strengthening its use with the inclusion of new services that are attractive to both unbanked and banked users.

As its use is strengthened with new services, it will be a better alternative with greater diversification for banked users. It also represents a strong alternative to any disruption to the national financial network and vice versa, which provides greater robustness to the e-commerce ecosystem.

Among the services included in the MiTransfer wallet are the purchase of reservations for heritage sites in Havana, Matanzas, Cienfuegos, and Santiago de Cuba, a joint effort with the Office for the Facilitation of Contribution Payments (OFA).

Mobile Wallet Options

Use of the Classic card has been one of the services that has grown the most in the first half of 2025. With the integration of the Classic card into the wallet, transfers between Classic accounts, inquiries, and online payments are implemented, allowing for greater interoperability of the Classic card.

In 2024, the telecommunications agent module was included in the wallet, allowing them to provide a full range of telecommunications services in an integrated fashion.

They are currently working, explains the leader of the Transfermóvil Project, on developing new products and services that will provide more opportunities for its users and those who may become users in the near future.

Overall, concludes Julio Antonio García Trápaga, the Transfermóvil project is today a symbol of how Cuba can adapt technology to its specific needs, demonstrating that, even in complex environments, it’s possible to build efficient and sustainable digital alternatives that contribute to the improvement of our society.

Translated by Amilkal Labañino / CubaSí Translation Staff