Galileo Financial Technology, one of the fintech leaders in Latam, announced the launch of a multi-content platform named ‘Más efectivo sin efectivo’, to make people aware of the real costs of continuing to use physical money, as well as all the benefits of not doing so.
‘Más efectivo sin efectivo’ will offer content to position and promote the use of electronic means as an alternative to cash in all real-life situations.
In Latin America, various financial entities have focused their efforts on making banking entirely digital, something that has seen significant progress but is not yet a reality. In Mexico, according to the agreement with the National Survey of Financial Inclusion 2021, more than 90% of the population aged 18 to 70 used cash for MX $500 or less purchases. On the other hand, for purchases of MX $501 or more, 78.7% of the same population used cash and only 12.3% used a debit card, the study carried out by INEGI highlights.
The use of cash continues to be very high in Latin American countries; there are even places where it has increased because people’s lack of trust in digital processes and security issues hinder the achievement of the objective.
This is precisely what Galileo aims to change with ‘Más efectivo sin efectivo’: to increase and strengthen people’s trust in cashless transactions and to raise awareness of the benefits of digitizing banking operations, such as security, traceability, and control for various industries.
“It was noted that potential users of cashless solutions in various regions and sectors are unaware of the solutions that are already available,” said Tory Jackson, Director of Business Development at Galileo Latin America.
In addition to the benefits, with programs like the one launched by Galileo, the aim is to bank millions of people who only use cash or don’t even have a bank account.
This leads to financial inclusion and education that allows all people who do not even use banks to become aware of the benefits of doing so and, moreover, the advantages they can gain by carrying out their transactions without using cash.
‘Más efectivo sin efectivo’ is an initiative, a project, with significant importance for Latin America, as it can help boost the financial ecosystem to maintain constant growth and increase the security of the region’s economy.
“Financial inclusion is more than just connecting people with bank accounts. Kudos to Galileo for this significant initiative where collaboration will happen to enrich the platform’s content and help advance the inclusion of millions of people throughout the region, who still live in a cash-based economy,” highlighted Kiki del Valle, Executive Vice President of Market Development for Latin America and the Caribbean at Mastercard.