Banks in Argentina have reportedly launched a brand new peer to look (P2P) cash switch app, known as Dimo.
There are round 20 native banks which have now registered with the three way partnership agency Pay Digital, which shall be creating and deploying Dimo, in keeping with an replace from Contxto.
The Dimo app is anticipated to go dwell in September or October 2020. It’s being constructed with steering and assist from Rafael Soto, former GM at Nubank in Argentina.
The brand new app will characteristic QR codes for processing client and B2B funds and also will assist P2P cash transfers to buyer bank accounts. Transfers might be made through the use of the recipient’s phone quantity, which ought to make the method less complicated than having to enter bank ID codes to conduct transactions (which is required by competitor Mercado Pago).
As first reported by Contxto, the Dimo app is being developed by a Fintech agency known as Pay Digital, which has been established by banks based mostly in Argentina. The Dimo digital pockets (Dinero Móvil in Spanish) goals to compete with Mercado Pago and different Fintech providers suppliers.
Fintech adoption is on the rise in Argentina (and globally) and has been accelerated attributable to COVID-19 – which has led to bodily enterprise areas being shut down to stop the additional unfold of the virus. This has led to a dramatic surge in on-line transactions.
Argentina based mostly Fintech Ohana introduced in May 2020 that it’s going to launch a digital pockets to assist locals pay for each day providers by way of QR Codes, and likewise assist them with simply sending cash, and even settling taxes.
In December 2019, IBM teamed up with the Argentine Chamber of Fintech to assist digital transformation efforts within the nation’s banking sector.