Tigo Money, the fintech arm of telecommunications services provider Millicom, has forged an alliance with Visa to simplify access to digital financial sector across Latin America (LatAm).
As part of the regional agreement, Tigo Money consumers in the region will receive a new payment solution, called Tigo Money Visa Card.
Consumers can use their digital money at places where Visa is accepted by connecting the new card to their Tigo Money wallet.
They can receive the card free of cost through the Tigo Money mobile app, stated the firm.
In addition, consumers have the option to receive a physical card that can be used at over 80 million merchants globally where Visa is accepted.
Through the collaboration, both the companies aim to serve over five million Tigo Money users across LatAm as well as add new people into the financial sector.
Furthermore, the Tigo Money Visa Card will incorporate contactless payment technology to enable tap to pay for daily transactions, including booking public transport or dining at restaurants.
Visa regional president for Latin America and the Caribbean Eduardo Coello said: “Our collaboration with Tigo Money is exciting, because it will help bring financial inclusion to a new level, unlocking opportunities to connect more people to the digital economy.
“While most countries in our region continue to operate in a cash-based economy, with accessible digital solutions such as the Tigo Money Visa Card, we are bridging the gap and responding to the needs of the financially and digitally excluded sectors.” Earlier this month, Quisitive Technology Solutions teamed up with Visa platform CyberSource improve payment processing.