Millicom division Tigo Money signed an agreement with Visa to supply physical and virtual payment cards tied to mobile money accounts, a move lauded by the pair as aiding financial inclusion in Latin America.
In a statement, Millicom’s mobile money division noted it would benefit millions of customers with launch of the Tigo Money Visa Card, which can be used across physical and online retailers.
It is primarily offering digital cards with the option of a requesting a physical one, with users able to spend funds held in Tigo Money accounts.
The pair are targeting issuing cards to more than 5 million across the region.
Tigo Money CEO Pablo Montivero Araya said the tie-up would provide “accessible and much-needed payment alternatives to boost financial inclusion and socioeconomic prosperity”.
Visa Latin America and the Caribbean regional president Eduardo Coello added the deal would “help bring financial inclusion to a new level”, noting “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”.