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Banco Central de Cuba authorizes ETECSA to develop its virtual wallet

The Telecommunications Company of Cuba (ETECSA) has been granted an extension of its license to develop e-commerce on the island. This was stated by the Central Bank of Cuba (BCC), an entity that has expanded with new functions previously signed with the telecom giant.The resolution in question is 32/2023 and, according to the BCC website, will allow phone line owners to interact with their bank accounts. The new benefits will include both natural and legal persons. Other benefits will be: paying for public services, managing telecom services, and making payments in an e-commerce environment.

Basically, the BCC allows ETECSA to operate as a non-financial entity, acting as a provider of payment services through Transfermóvil. From a date, not yet determined, the scope of MiTransfer Exchange will be expanded by new functions. Thus, it will be possible to recharge the CUP account of the stock exchange by depositing cash in exchange offices (CADECA).

Pay without carrying a bank card

In fact, once the new measures are put into place, you will be able to pay any possible benefit through Transfermóvil. With the MiTransfer bag and without even having a bank card, you will be able to access multiple services.

E-commerce in Cuba is being expanded and, at the same time, more promoted, now by paying only with your mobile phone. Any service where QR code payment is enabled will be at your fingertips through the platform.

You can open a Transfermóvil wallet with accounts in CUP or USD. However, payment can only be made in the same account currency.

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The maximum amount that can be deposited is 80,000.00 CUP and 5,000.00 USD. In the case of CUP accounts, funds can be deposited with recharge from magnetic cards in CUP or cash deposit in CADECA.

Each operation may reach the amount of 5000.00 CUP and in the month the maximum will be 20.000.00 CUP. Meanwhile, in the US dollar accounts, the money will be received from abroad, through a financial institution that has not yet been identified.