Step by step to receive money from abroad with digital payment and collection apps

Through digital payment and collection applications, currently it is even possible to receive and send money, to and from, anywhere in the world, a process that is carried out thanks to financial technology or fintech.

Only in the case of PayPhone, an Ecuadorian application, transactions to our country grew 12% in the last year, according to information from this company. However, there are other data that show a similar trend.

The IDB Lab (Innovation Laboratory of the Inter-American Development Bank), indicates that in 2019, 20% of Latino migrants used an electronic means of payment to send money or originate a transfer through a digital channel.

The options to carry out these transactions have been diversified over the years, with the aim of making the process easier for the user. “In our case, it is possible to send money to Ecuador from any country in the world, just using everyday solutions such as WhatsApp, email, Instagram, Telegram, among others,” explains Juan José Espinoza, General Manager of PayPhone.

PayPhone, a payment system through smartphones, grew 460% in transactions during the pandemic

This company make payments and shipments to through 3 steps, these are the following:

From the United States, Spain or Italy

Link the application: Accessing any virtual store (iOS, Android or Huawei), users can access through their phone or smart device to the PayPhone app completely free of charge. It is important to select the PayPhone Personal App, from this version direct transfers can be generated to pay who should receive the economic amount.

Register and activate the account: To start the application activation process, you must complete a registration with personal data, Visa or Mastercard credit or debit card number from any local or international financial institution. According to PayPhone, all this information will be protected under strict protocols of the PCI security systems and validated through 3DS that the application has. Thus, the account is active and it is possible to proceed with the necessary transaction.

How to receive money from abroad by WhatsApp?

Choose the desired transaction: PayPhone allows you to send and receive money easily, through 3 options:

• Sending of money: The user must select the option “People” in the main menu, select the desired contact, enter the amount, accept and continue.

From Ecuador to any country in the world:

In Ecuador, you only have to download the application on a mobile device and generate a account in PayPhone Personal or PayPhone Business. In this way, who wants to generate a payment, can choose the following options:

Receipt of money: The user must select the option “Send Collection” in the main menu, enter the amount, accept and continue selecting the option of collection link or QR, then the application will display the options (whatsapp, instagram dm, facebook message, email, etc), through which you can share your request.

Withdrawals: In case of requiring cash, PayPhone allows the user to transfer their balance to the bank account of their choice. To do this, you must select the option “My Profile” from the main menu, followed by the option “Balance”, enter the amount to withdraw, accept and complete the request for account data, also protected by the strict PCI protocols of the application.

The use of digital payments is increasing in Ecuador and particularly in the tourism sector, according to the company

Payphone does not charge commission for transactions in its system, that is, neither the collector nor the payer have a surcharge or additional service. However, depending on the issuing bank of the credit or debit card, through which the transaction is carried out, there may be surcharges by said issuing entity.

Similarly, in Ecuador there is a cost of 6% in case of withdrawals to a checking or savings account of any financial institution in the country, percentage that can be avoided by paying directly from the application to one of the thousands of businesses or people that accept PayPhone; so in this case, the commission is 0%. (I)