Central Bank of Ecuador trials mobile payments
System expected to be rolled out across the country in December
The Central Bank of Ecuador has launched a new mobile payments scheme in the country, which will enable people in remote areas without access to formal financial institutions to transfer money using their phones.
Ecuadorians will be able to make payments in US dollars "through mobile phones without the need for internet or an account at a financial institution", the central bank explained, in a statement published today (November 21).
The central bank describes the technology as "electric money"
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