Thursday, 24 November 2022 05:24

Tigo Money and Visa join forces to boost financial inclusion in Latin America

Written by Evelyn Alas

Tigo Money, the Fintech company of the Millicom (Tigo) group that is revolutionizing financial inclusion with digital technology in Latin America, and Visa, the world's leading digital payments company, today announced a regional agreement aimed at expanding access to digital financial services and driving financial inclusion in Latin America.

Under the agreement, millions of Tigo Money consumers in the region will benefit from a new payment solution: the Visa Tigo Money card, linked to the Tigo Money wallet, which will enable users to use their digital money easily and securely anywhere Visa is accepted.

The Tigo Money Visa card can be obtained free of charge through the Tigo Money mobile application. The solution offers a comprehensive digital experience and the ability to immediately use the funds available in the Tigo Money wallet to make online or physical payments conveniently and securely. Users will also be able to opt for a physical card for use at more than 80 million merchants worldwide that accept Visa. With this alliance, Visa and Millicom are targeting more than 5 million Tigo Money users across the region, connecting more and more people to the financial system.

"At Visa, we are focused on delivering digital payment solutions that help people and economies thrive. Our collaboration with Tigo Money excites us because it will help take financial inclusion to a new level, offering opportunities to connect more people to the digital economy", commented Eduardo Coello, Visa's regional president for Latin America and the Caribbean.

"While most countries in our region continue to operate in a cash-based economy, through accessible digital solutions like the Visa Tigo Money card, we are bridging the gap and addressing the needs of digitally and financially excluded sectors".

"Our partnership with Visa, will provide millions of our customers and new users in the region with accessible and much-needed payment alternatives to drive financial inclusion and socioeconomic prosperity", said Pablo Montivero Araya, CEO of Tigo Money. "From the outset, we have been pleased to work with Visa to jointly launch this new payment solution as we continue to move forward in enabling innovative and inclusive digital solutions at scale", he said.

The Visa Tigo Money card will also feature Contactless (contactless payment) technology, allowing users to use Tap to Pay for everyday activities, such as taking public transport or buying meals in restaurants.

Visa's partnership with Tigo Money is part of the company's strategy to collaborate with technology companies to offer solutions that promote digital inclusion and cashless economies. Visa continues to work with platforms, fintechs, digital solution developers and startups to co-create the best payment solutions that add value to the ecosystem.

As part of Millicom's goal to build digital highways that connect people, improve lives and develop communities, Tigo Money provides comprehensive services that can make this possible, fulfilling its promise to foster financial inclusion through technology in the region where it operates. The alliance with Visa is a clear example of this growth strategy, and its potential.