Digital wallet possible in Chile

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HybridAmbassador
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Digital wallet possible in Chile

Postby HybridAmbassador » Wed Sep 06, 2017 2:43 pm

Argentina just launched a fintech/digital wallet system via " Banco Nacion " It works in smartphones with G2~G3 up to 4G LTE. They are learning fast from advanced nations...http://www.lanacion.com.ar/2059822-banc ... ncarizadas

Banco Nación lanzó PIM, una billetera móvil para personas no bancarizadas.

PIM es una herramienta de inclusión financiera que acaba de lanzar el Banco Nación. "Se trata de una billetera móvil que no tiene costo para el usuario ni para los pequeños comercios. No requiere de cuenta bancaria ni de tarjetas de crédito", explica Leonardo Coca, gerente general de Nación Servicios.

Este anuncio se suma a una serie medidas que viene tomando hace varios años Federico Sturzenegger, hoy presidente del BCRA, por su cruzada contra el efectivo. Entre ellas se destaca la normativa que el BCRA aprobó hace poco más de un año donde se estableció, entre otras medidas, el uso del celular como una "billetera móvil".
PIM

A diferencia de las billeteras móviles que existen actualmente en nuestro país (Todo Pago, Mercado Pago, Vale, Vinti), este nuevo servicio no requiere de cuentas bancarias ni tiene gasto de mantenimiento, ni consume datos del abono de celular. Además funciona con cualquier celular, ya sea uno de alta gama como en uno básico, sin conexión a Internet, ya que todo el proceso se hace con mensajes de texto (SMS).

El precedente es Wanda, una plataforma de Telefónica y MasterCard, que debutó en 2012 en nuestro país con una mecánica similar a la de PIM, pero que no tuvo éxito.

A través de PIM se puede enviar dinero a otro móvil, recibir dinero o pagar compras en locales o proveedores adheridos. Para utilizarlo sólo hay que llamar al *456#. Al hacerlo el usuario recibe un mensaje que le pide que se registre con el DNI o CUIT.

Para poder realizar compras o transferir dinero primero hay que realizar una carga, que puede hacerse a través de Rapipago, Pago Fácil, Link y Pago Mis cuentas.

If Chile increases its usage in paying via your smartphones, then the Expats there won't be needing to open a bank account.
>Nowadays, we find ourselves carrying cold hard cash less and less because you can just as easily make your purchase with payment cards, and track your spending online. Plus, it’s more secure than carrying $350 to buy the latest iPad Mini.

Certain payment or loyalty cards also let you earn rewards or entries to contests, but they do add up. They make your wallet unnecessarily thick and heavy. Perhaps it is time to swap the system again; this time, for something that you have always been carrying around: your smartphone.

Digital wallets can help take you there. They are smartphone apps that hold your payment and loyalty card information. Google Wallet and Apple’s Passbook are two of the more popular ones we often hear about, but if they are not your fancy, there are plenty of other digital wallets that carry perks and benefits that you may prefer.<
http://www.hongkiat.com/blog/digital-wallets/
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mem
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Re: Digital wallet possible in Chile

Postby mem » Wed Sep 06, 2017 5:13 pm

Not a fan of the smartphone wallet thing. Smartphones get lost, damaged, start not working, suddenly wont turn on one day...I'd prefer not to use it like a bank account. Maybe I am just a curmudgeon.

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Re: Digital wallet possible in Chile

Postby HybridAmbassador » Thu Sep 07, 2017 6:07 pm

I also thought going anti-fintech payment thingy but, when tried linking a few credit cards ( the ones which gives you Mileage) It is fast just flipping out your iphone to scan for and payment then went through, nothing like swiping your CC and waiting for signature window to appear then sign and so forth!

The last time was back in Tokyo, ( before the North Korea launching the missile over Japan, now no way for me to coming back anytime soon) used to pay for bullet train ticket and local airline ticket, hotels and fast payment system elsewhere. It is all over the infrastructure, restaurants, bars, shopping places and on and on. If Chile gets on the bandwagon, many helpless forasteros without a bank account, can pay for anything instead of waiting for your cash arriving..
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tiagoabner
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Re: Digital wallet possible in Chile

Postby tiagoabner » Thu Sep 07, 2017 6:59 pm

mem wrote:Not a fan of the smartphone wallet thing. Smartphones get lost, damaged, start not working, suddenly wont turn on one day...I'd prefer not to use it like a bank account. Maybe I am just a curmudgeon.


Not using smartphones because their technology might fail is the same of not using banks because their ATMs can fail from time to time. All hardware and software is subject to failure. I would rather trust a properly developed e-wallet than a crappy 30+ years old bank system written in Cobol.

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Space Cat
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Re: Digital wallet possible in Chile

Postby Space Cat » Thu Sep 07, 2017 7:59 pm

Same here, banks are horrible in developing software.

If Chile increases its usage in paying via your smartphones, then the Expats there won't be needing to open a bank account.

But you don't need to open a bank account as a foreigner to pay in stores – even tiny stores accept international cards.

The current problem is getting more than $3k a month without draining ATMs and losing on their low conversion rates + fees.

mem
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Re: Digital wallet possible in Chile

Postby mem » Thu Sep 07, 2017 8:16 pm

tiagoabner wrote:
mem wrote:Not a fan of the smartphone wallet thing. Smartphones get lost, damaged, start not working, suddenly wont turn on one day...I'd prefer not to use it like a bank account. Maybe I am just a curmudgeon.


Not using smartphones because their technology might fail is the same of not using banks because their ATMs can fail from time to time. All hardware and software is subject to failure. I would rather trust a properly developed e-wallet than a crappy 30+ years old bank system written in Cobol.


Ehm, well not exactly, but I wasn't directly comparing them to the banking industry in general. However, the comparison you make doesn't really add up when looking at a consumer level device versus ATM's failing. I am not fan of the bank system, but if an ATM craps out you go to another one or another one or another one. If the whole banking system is offline due to a power outage then you wait a day or two or three or five until the power is restored. If the entire banking system collapses, then you need to move out of Argentina, but we are in Chile lol

Hey you wanna trust keeping all your money on a consumer level phone, go for it. In my case, I have had too many experiences with the phones just suddenly dying for any ole reason. One time I dropped the phone while getting out of the car, it hit the asphalt and boom it was dead. If all my money was on that....

Another time, my wife had the phone and my kids were taking a bath. She was watching the kids and something happened out in the main room. she stepped out for a few minutes only to come back to find my kids "giving the phone a bath" just like them. if all our money was on that....

But if you think the phone or e-wallet is reliable/good enough for you then more power to you

Don't get me wrong, I'm no bank fan, but I am neither a phone wallet fan and perhaps even less a phone wallet fan if that were possible. I am a fan of several other methods however that have nothing to do with banks or phones

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tiagoabner
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Re: Digital wallet possible in Chile

Postby tiagoabner » Thu Sep 07, 2017 8:34 pm

Simple solution: don't keep all eggs in a single basket. $200-ish in a bank account somewhere or in cash, don't keep the cash/card next to the phone, buy a new phone in case your current one breaks, problem solved. If you keep all of your money in a single bank account, you will have problems if you lose your card. If you have all of your money bellow your mattress, you will have trouble if you have fire.

You do know that the phone actually only serves as the interface to access remotely your wallet at a cryptographed server, right? As in "phone broke, gets a new $100 phone, access to wallet restored, nothing lost", right? Kind of, let's say, PayPal: you use your electronic device to access the system, but the device getting lost doesn't mean you lose access to your money.

As long as the app uses 256-bit cryptography and you use a good enough password, safety issues should be minimal.

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Re: Digital wallet possible in Chile

Postby HybridAmbassador » Fri Sep 08, 2017 4:05 pm

tiagoabner wrote:Simple solution: don't keep all eggs in a single basket. $200-ish in a bank account somewhere or in cash, don't keep the cash/card next to the phone, buy a new phone in case your current one breaks, problem solved. If you keep all of your money in a single bank account, you will have problems if you lose your card. If you have all of your money bellow your mattress, you will have trouble if you have fire.

You do know that the phone actually only serves as the interface to access remotely your wallet at a cryptographed server, right? As in "phone broke, gets a new $100 phone, access to wallet restored, nothing lost", right? Kind of, let's say, PayPal: you use your electronic device to access the system, but the device getting lost doesn't mean you lose access to your money.

As long as the app uses 256-bit cryptography and you use a good enough password, safety issues should be minimal.



tiago-san, mem knows all that but he wants to rebel for no reason. So no need to educate him on the crypt currency, also when the phone breaks he also knows that will need to get another one or no calling!
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tiagoabner
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Re: Digital wallet possible in Chile

Postby tiagoabner » Fri Sep 08, 2017 4:43 pm

Kind of assumed it would be either a no reason rebellion or a troll post. However, since this is a "serious" forum, I always try to undo this kind of moot point in case someone ingenuous reads it and takes it for truth.

I obviously have no way to know the demographic that access the forum, but since it was one of the major channels used by the outside world to connect with Chile during the last major quake, information posted here tend to have a higher-then-average exposition.

That, or the grumpy old man in me decided to say hi.

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Re: Digital wallet possible in Chile

Postby frozen-north » Fri Sep 08, 2017 4:52 pm

HybridAmbassador wrote:
Argentina just launched a fintech/digital wallet system via " Banco Nacion " It works in smartphones with G2~G3 up to 4G LTE. They are learning fast from advanced nations...http://www.lanacion.com.ar/2059822-banc ... ncarizadas


Actually the first part of your message is wrong. From the quoted text of the news item:

Además funciona con cualquier celular, ya sea uno de alta gama como en uno básico, sin conexión a Internet, ya que todo el proceso se hace con mensajes de texto (SMS).



There is no mention there of ' It works in smartphones with G2~G3 up to 4G LTE.'

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tiagoabner
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Re: Digital wallet possible in Chile

Postby tiagoabner » Fri Sep 08, 2017 4:53 pm

Doing it through SMS is a bad idea, SMS messages aren't safe enough for monetary transactions.

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Re: Digital wallet possible in Chile

Postby HybridAmbassador » Sat Sep 09, 2017 4:54 pm

frozen-north wrote:
HybridAmbassador wrote:
Argentina just launched a fintech/digital wallet system via " Banco Nacion " It works in smartphones with G2~G3 up to 4G LTE. They are learning fast from advanced nations...http://www.lanacion.com.ar/2059822-banc ... ncarizadas


Actually the first part of your message is wrong. From the quoted text of the news item:

Además funciona con cualquier celular, ya sea uno de alta gama como en uno básico, sin conexión a Internet, ya que todo el proceso se hace con mensajes de texto (SMS).



There is no mention there of ' It works in smartphones with G2~G3 up to 4G LTE.'


like admin said to you before, didn't need to find who posted it, a nit picker.
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