Etecsa mobile wallet converts your balance into cash

Mobil phone and data services down across Cuba

HAVANA, March  20 Without raising excessive noise, on March 1 it was published in the Gaceta de Cuba Resolution 116/2021 by which the Central Bank of Cuba (BCC) modified Etecsa’s license.

In its WHEREAS, the regulations indicate that the only telecommunications company in Cuba requested the modification of its license to be able to enable “a mobile wallet as part of the operation of the Transfermóvil platform.”

The new resolution, therefore, grants Etecsa permission to create a mobile wallet as part of the operation of the Transfermóvil platform, associated with the contracted cell line. But what is a mobile or electronic wallet?

The Pan-Hispanic Dictionary of Legal Spanish defines it as “an electronic means of payment that consists of a microchip card that is loaded with a certain amount of money, usually not very high, to make small payments”

This purse obviously, as it is used for payments, must be recharged. So let’s go back to Etecsa and its mobile wallet. The Central Bank of Cuba has authorized Etecsa through Resolution 116/2021 to enable a purse or wallet that will work in Cuban pesos.

The company must “reconcile the operations carried out with RED cards.” Among the requirements imposed on Etecsa by the BCC are the following: The balance of the mobile wallet cannot exceed five thousand Cuban pesos (CUP).

Transactions do not exceed 1500 Cuban pesos (CUP) Be careful here! The raising of resources from third parties through cash deposits is not recognized In essence, this means that, “the exits from the Etecsa wallet can only be for purchases made in stores where the Transfermóvil platform is enabled as a means of payment.”

In addition, “for transfers of balances between purses or for transfers to bank accounts.” They are clear in this sense: cash will NOT be allowed out. One of the most interesting aspects of the resolution is the source of income that Etecsa mobile wallet will have.

Well, the Central Bank of Cuba with this regulation authorizes Etecsa that one of the sources of recharging its electronic wallet comes from the “balance that customers have associated with their mobile phone service.” Super promotion of Cubacel with 1GB of internet and 800 CUP bonus This opens a range of possibilities for people in Cuba to receive remittances.

To date, the international recharges that Etecsa promotes up to twice a month have not been blocked or prohibited from the United States. Thus, being able to convert the balance of a recharge sent from outside Cuba to money that can be used to pay for services and products within the island, would be a relief for those who depend to some extent on sending remittances to the country.

The other source of income for the wallet will be the magnetic cards associated with the bank accounts. As of the entry into force of this resolution, Etecsa may act as a payment service provider through the operation and management of the Transfermóvil platform.

This will allow mobile network clients in Cuba, whether natural or legal persons, “to interact with their bank accounts, pay for public services, manage telecommunications services and make payments in the e-commerce environment in the country.”