BPC to support digital banking services for Powwi in Colombia
By Edlyn Cardoza
- Digital financial wallets
BPC, world leader digital payments providerrecently announced a strategic partnership with Powwi, Licensed as a Depository Institution (Sociedad Especializada en Depósitos y Pagos Electrónicos – SEDPE), one of Colombia’s most successful payment companies and champion of financial inclusion.
Under the terms of the five-year agreement, Powwi will implement BPC’s SmartVista suite to manage its customers’ transactional service needs and help drive growth across the country.
Used by over 350 financial institutions in 100 countries, the SmartVista platform offers a selection of state-of-the-art modules that can be used as microservices to deliver a complete end-to-end banking and payment experience or standalone.
Powwi will implement the platform to deliver a superior, faster and relevant experience to its customers in a safe and convenient manner. BPC’s SmartVista will drive the internet and mobile devices, delivering vital real-time banking services such as account balances and information, funds transfers, bill payments and service payment. It will also simplify the possibility of opening online accounts for transactions with a complete digital security system.
“We are honored to have been selected as the issuing processor provider for all of Powwi’s debit and prepaid cards,” said Juliana Peña, Vice President of Sales for the Andean Region of BPC. “Our five-year alliance will allow us to work closely with Powwi, one of the most innovative digital financial wallets in the region and an impressive force for good. The company was launched with the ambition to enable anyone to make their payments digitally, including the unbanked. Together we can help Powwi achieve this goal and more – and we are proud to do so with the help of a fantastic team on the ground.
Founded in 2017, Powwi has grown to prominence with a focus on driving greater financial inclusion through FinTech payments innovation. Its banking technology was created to serve the unbanked population in Colombia through simple and easy-to-access services with smart mobile payment features and virtual wallets.
According to Luisa Fernanda Cárdenas Sánchez, President of Powwi, this alliance represents an opportunity to expand the service offering of pay technology to its large consumer base in Colombia and also improve the prosperity of the company. “Financial inclusion is a key driver of the country’s economic growth and has significant effects on the overall development of those who lack access to basic banking services. With BPC’s platform, Powwi can do more to close the wealth gap and provide better and more convenient services for everyone.
She added, “BPC will support and enable next-generation payment services for our digital, Visa- or Mastercard-branded debit and prepaid cards. In addition, it will manage the processing of all domestic and international transactions, as well as effective fraud management with the SmartVista Fraud Management suite, which provides all the necessary digital security features to mitigate risk and ensure successful use. of our services across the country.”
Powwi promotes financial inclusion as part of an end-to-end digital strategy, offering loans and savings to a vast population that still lacks formal financial services. It achieves this business objective by leveraging an innovative aggregator model for microfinance institutions, which is used to disburse small loans and support bank account services and grant Visa and Mastercard branded debit and prepaid cards. .
“Through this alliance, Powwi will have access to our highly experienced team,” added Peña of BPC. “Together, we will achieve implementation agility and support throughout the project. We will also offer economic flexibility and our in-depth knowledge of banking regulations in the Colombian market. This will help accelerate deployment in the digital economy so that Powwi can continue its incredible work across the country.
Latin America is one of the regions with the fastest growing number of Internet users in the world. By the end of 2022, almost 76% of the continent’s population will be online, according to World Internet Statistics; In Colombia, of the country’s 51.39 million inhabitants, 35.50 million are internet users, with broadband connectivity reaching almost 70% of the country.
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