Virtual payment applications PeiGo and Deuna are seeing good growth in users and companies that are part of their ecosystem. Both applications, which are also considered fintech dedicated to digital payments, they are interested in increasing the level of access to banking services for the population of Ecuador. However, they highlight some limitations.

Shortly after a year since the launch of its virtual wallet in the Ecuadorian market, PeiGo – which has the support of Banco Guayaquil – assures that it has reached more than 300,000 users with its focus on financial inclusion and user satisfaction.

Of the total number of clients of the application, more than 100,000 of them activated their Visa PeiGo prepaid card, with which consumption in electronic business was recorded from deliveryplatforms of streaming, games, cinema, among other digital institutions.

“We are proud of what we have achieved, especially since 52% of our clients were unbanked before opening their PeiGo account, or about 122,000 people; which shows that our goal of promoting financial inclusion in Ecuador has been met,” mentions Rodrigo Andrade, CEO of PeiGo.

At the same time, he points out that the launch of the Visa-PeiGo card was key to achieving results, since it is now being promoted by a group that previously had no access.

“With the Visa PeiGo card, we are unlocking a very powerful use case that is highly valued in the underbanked and unbanked segment of Ecuador, mainly among young people between the ages of 20 and 27, who have used it to make purchases.” on the line nationally and internationally,” says Santiago Lasso, Chief Commercial Officer of PeiGo.

The company also revealed that 60% of registered customers in the applications PeiGo regularly uses it to receive and send money; as well as for shopping on the line with a Visa-PeiGo card. Also, more than 770,000 transactions were made from the platform, which shows the interest of Ecuadorians to switch to digital payment methods and stop using cash, according to the company.

In addition, this application is already used in 10,000 companies and enterprises across the country. Among the plans in the near future, for the second half of 2023, the application will continue to retain its users with incentives and promotions to position itself.

The digital payment application Deuna already has 1.6 million users. Courtesy of Deun Photo: Courtesy

In the meantime, the Deuna application got a new director. This is Juan Ignacio Maturana, who estimates that he will close this year with 300,000 connected businesses and 1.6 million users. All under a transformative vision focused on offering simple and human experiences, supported by the trajectory and knowledge of Banco Pichincha.

According to Maturana: “There is a lot that needs to be done in terms of digitization in the country. The establishment of a digital financial ecosystem poses enormous challenges for the Ecuadorian economy, but it also enables the expansion of access to the financial system; that is, access to the banking system for more people”.

Maturana highlights the importance of this type of technology-based financial products, which propose a radical change to simplify and improve processes ranging from daily transactions for users to sales growth for small and large businesses. He assures that “the connection with this form of payment allows people to build a credit life, increasing access to loans and other financial products.”

However, for an expert, a key element in the growth of digital payments has to do with legislation. In this sense, cooperation with regulators to build user trust and encourage transactions of this type is key. In other countries in the region, they have implemented strategies in which the state requires that all payment procedures be made through virtual platforms, introducing them to technology and achieving more efficient processes.