The digital payment platform Transfermóvil, created by the Cuban Telecommunications Company (ETECSA), has achieved a groundbreaking milestone with over 1.2 billion transactions recorded in 2024. This accomplishment comes despite ongoing technological challenges faced by families across the island. According to Julio Antonio García Trápaga, the Director of Digital Product Support and Development at the monopoly, this figure reflects a 20 percent increase compared to the transactions recorded in 2023. With the year not yet over, further impressive results are anticipated.
The report also highlights a significant surge in online payments, which have doubled from the previous year. Additionally, the number of businesses incorporating Transfermóvil into their operations has tripled, cementing the platform's status as a vital tool for e-commerce in Cuba.
Back in June, ETECSA announced that Transfermóvil had reached five million registered users. This achievement underscores its position as a leader in the realm of digital payments within the country, recognized for its continuous improvement, diversification of services, and adaptive capabilities.
While Cuba also offers other digital options such as ENZONA and MiTransfer, Transfermóvil remains at the forefront, setting the standard in a market witnessing a growing shift towards digital payment gateways and electronic wallets.
Insights into Transfermóvil's Growth and Impact in Cuba
How has Transfermóvil's transaction volume changed in 2024?
Transfermóvil's transaction volume increased by 20 percent in 2024 compared to 2023, reaching over 1.2 billion transactions.
What factors contributed to the growth of Transfermóvil?
The platform's growth is attributed to a doubling in online payments and a tripling in the number of businesses using Transfermóvil for their operations.
What is the user base size of Transfermóvil as of June 2024?
As of June 2024, Transfermóvil had reached a user base of five million registered users.