TRANSFERMOVIL, leading mobile payment platform in CUBA

Hello everyone! 🦁

The aim of this publication is to explain the functioning of Transfermovil, the most widely used electronic payment platform via mobile phone in Cuba, which offers several advantages to both its users and e-commerce in the country.

Cover image created in Canva, from a screenshot taken from my mobile phone

Cuba has been immersed for some years in a process of Computerisation of Society, in which Information and Communication Technologies (ICT) are present in our daily lives to meet the needs of all spheres of the population. In order to continue evolving in this sense, the Transfermovil Electronic Payments Project was conceived in 2015. This is a platform created by a team of specialists and developers from the Cuban Telecommunications Company (ETECSA), in conjunction with several of the country's banking institutions, with the aim of providing mobile phone customers with access to various public services through online payments.

In the eight years that Transfermovil has been in operation, it has established itself as the main payment and e-commerce platform in Cuba.

Functioning

This platform works through the cellular network, which requires a mobile device for its use, and it is only compatible with mobile phones that have the Android Operating System. This is not a problem for most users, since in Cuba the most widely used technological devices are mobile phones with this operating system.

From its beginnings to the present Transfermovil has continued to grow and develop, which has allowed for the diversification of online payments in Cuba. The platform has generated a great demand from users, who have discovered in it multiple benefits and utilities by being able to make various transactions from the comfort provided by mobile devices.

To use this service we need to have an account in some of the banks operating in the country (BPA, BANDEC, BANMET) and that they are associated with a Telebanca card. The Telebanca card acts as an electronic key, allowing the client to authenticate himself in the different existing payment channels. This ensures the security of transactions.

Services it offers

Transfermovil's payment gateway stands out for its simple and easy to understand design, which allows a quick understanding of its multiple functionalities that facilitate the payment of public services in Cuba. These include the possibility of making payments for electricity, water, sewage, landline telephony and gas, as well as the payment of traffic fines and taxes, among others. In addition, the platform offers the facility to top up mobile phones and carry out various banking procedures, such as balance enquiries, transfers between bank accounts, bank card applications, PIN and account limit changes, among others. All these procedures are carried out quickly and are available 24 hours a day, 7 days a week.

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Screenshots taken from my mobile phone

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Transfermovil also facilitates e-commerce transactions, allowing non-state businesses to manage the collection of their services and products both online and in person. In addition, it can be used in the various retail and gastronomic establishments of the inland trade network, offering users greater convenience.

Advantages

One of the benefits of Transfermovil is that it operates in areas with low cellular coverage, which is very practical for users living in regions with poor coverage. In addition, the platform is not dependent on internet service, a feature that is particularly useful as in many regions of the country the quality of internet service and cellular coverage is poor. In this sense, Transfermovil becomes a useful and accessible tool for all users, regardless of their geographical location.

Another important advantage is the ease with which customers can perform various transactions from home, without having to deal with long queues at banks. This saves time and effort for users, who can perform transactions from anywhere.

In addition, Transfermovil is a reliable platform for transactions, as it has security measures to protect operations, which are carried out quickly and efficiently without deducting credit balances from the bank accounts it manages, allowing users to keep their finances under control.

It has also been a key tool for the development of e-commerce in Cuba, which is part of the process of computerisation of society and has multiple advantages for individuals and businesses. One of them is that it allows users to make transactions without having to carry large sums of cash or queue at an ATM.

In Cuba today, it is increasingly difficult to obtain cash from ATMs, as many ATMs either do not have enough cash or run out of cash quickly, which makes online payments via mobile devices a great help. This enables merchants to expand their online operations, allowing them to reach a wider audience and thus increase their sales.

The e-payment platform became a practical and secure option for users in times of confinement and social distancing. During the time of the Covid-19 pandemic, it was an essential tool for many families, allowing them to make purchases and payments in online shopping for food and groceries, as well as carry out various financial transactions without having to leave the safety of their homes at the risk of falling ill.

Finally, with the new functionality recently implemented in the latest version of the Bolsa MiTransfer application, a wider sector of the population is reached, as with this new option a virtual account can be created in Transfermovil and associated to a mobile phone number. This is beneficial for people who do not have a bank account. Through these virtual accounts it is also possible to make online payments and purchases in establishments that accept this type of modality, as well as to manage the services offered by ETECSA.

Data from the Cuban Communications Company shows that Transfermovil is one of the most popular mobile payment platforms in the country, with more than 4 million users. This figure is an indicator of how successful the platform has been in the electronic payments market in Cuba.

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Personally, as a user of Transfermovil, I have used many of their services and I can say that I am very satisfied with the way they work. I have found it very useful as, for quite some time now, my salary has been credited to a bank account which is managed by a magnetic card. Before the Transfermovil application was created, I had to go to a cash machine to pay my utility bills, but since using this platform, I can make my payments at any time without having to rely on a cash machine. I also use it a lot to buy the mobile data plan that allows me to connect to the internet. It is a very easy way to manage my transactions, because through the transaction history, I can see all the operations of the month and have a better control and planning of my expenses.

So much for my publication, I hope it has been useful for those interested in learning how technology has been used to create facilities that improve the lives of Cubans and society in general.

I hope it has been useful, see you next time! 🖐

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