LatamList – Kontigo, a Peruvian fintech, is set to launch a new digital savings account to help Peruvians manage their money online. The digital wallet is free of charge and available to anyone via download beginning in the first week of August.
The digital wallet manifests as a mobile app and connects to a virtual Mastercard. With the card, customers can make bank transfers, buy online, and pay for monthly subscriptions, such as for Netflix and Spotify. The card also works for international purchases.
Customers can load their card via online transfers between accounts, or at the more than 10,000 connected locations across Peru.
Over two-thirds of Peruvians are underbanked, and Kontigo is working to change this by providing a completely free service, which does not need any prerequisites to obtain. The card allows customers to manage their money in a safe and reliable way, completely in their control and without reinvestment, as opposed to a traditional bank.
The Kontigo card launches at the start of August, with a more advanced version launching by January 2021. There are currently over four million Peruvians with virtual wallets. Kontigo aims to reach 80,000 customers in the first year of launch with its unique, cost-free service.
Read more on Latam Fintech Hub.