What? Mozido and investor Adolfo Salume partners to launch a new mobile banking payment service in El Salvador, LatAm.
Why it matters? El Salvador counts now with a new technology for mobile payments and marketing services in that platform.
Austin-based mobile financial services provider Mozido has announced an investment from Latin American business executive Adolfo Salume to implement a mobile payment and marketing service in El Salvador that will provide a range of marketing, retail, and banking opportunities for the unbanked and under-banked population.
With the adoption of Mozido’s mobile applications Salume’s investment will allow consumers to shop, pay bills, receive international remittances from the U.S. and have access to mobile airtime through Mozido’s Mobile app and a pre-paid account debit card via Constelacion Bank. Mobile phone users will also have access to micro-lending, loyalty programs, and marketing more conveniently and cost effectively.
Nearly the entire population in El Salvador has mobile phones, but roughly 80 percent are considered unbanked.
Salume’s investment is intended for El Salvador but aimed to quickly expand with Mozido throughout the Latam region for more convenient and cost-effective mobile payment services.