Tigo Money, the fintech business of fixed and mobile telecommunications services provider Millicom, and digital payments company Visa have announced a regional agreement aimed at expanding access to digital financial services and driving financial inclusion across Latin America.
Under the agreement, millions of Tigo Money consumers in Latin America will benefit from a new payment solution: the Tigo Money Visa Card. The card is linked to the consumer’s Tigo Money wallet and allows them to use their digital money easily and securely anywhere Visa is accepted.
The Tigo Money Visa Card can be obtained free of charge via the Tigo Money mobile app. The solution offers a digital onboarding experience and the ability to immediately use funds in the Tigo Money Wallet for online or physical payments. Users will also be able to opt for a physical card for use at more than 80 million merchants around the world where Visa is accepted.
With this partnership, Visa and Millicom say they are targeting more than five million Tigo Money users across the region, bringing more and more people into the financial system.
The Tigo Money Visa Card will also feature contactless payment technology, allowing users to ‘tap to pay’ for day-to-day activities, such as taking public transportation or dining at restaurants.
This partnership with Tigo Money is part of Visa’s broader strategy of collaborating with technology companies to provide digital solutions in the pursuit of digital inclusion and to promote cashless economies.
Visa says it continues to work with platforms, fintechs, digital solutions developers, and start-ups to co-create the best payment solutions that add value to the ecosystem.