Many countries are seeking to emulate Peru’s BIM mobile wallet, Latin America's first interoperable national mobile money scheme built on the cooperation of rival banks and telcos.
Image: Bloomberg News / PaymentsSource
The way in which the Peruvian government, regulators, financial institutions, and telcos were able to cooperate to build Billetera Móvil, or BIM, is seen as a model for other national mobile payment schemes. But a challenge for governments and banks in emerging countries is persuading consumers and small businesses to move from the informal cash economy to electronic payments.
The benefit for consumers is access to the banking system; mobile money schemes offering smartphone-based banking and payments services are a proven way to generate financial inclusion. The best example is Kenya’s M-Pesa, which succeeded because its operator, Vodafone-owned Safaricom, is Kenya’s dominant mobile carrier.