Minsait Payments, Minsait’s Pago media subsidiary and part of the Indra group, and PeiGo have signed an agreement to launch Ecuador’s first 100% virtual card.

The Spanish company’s payment processing technology will allow PeiGo to issue cards with a security guarantee and the agility of being able to receive it from the local company’s application without additional requirements, issuance or maintenance costs, according to a statement.

This new card was born with the aim of reaching the 30% of the country’s population that is not yet banked and opening a way for them to access online commerce.

PeiGo has 130,000 users and expects to practically quadruple this figure during the year to reach half a million by the end of 2023 after the alliance with Minsait Payments.

The director of Business Development of Minsait Payments in Latin America, Ernesto Terriquez, has underlined the potential to advance the financial inclusion plans of this alliance and has expressed his hope that the project will cross the borders of Ecuador.

For his part, the CEO of PeiGo, Rodrigo Andrade, has indicated that the pilot project has already registered 10,000 activations. In addition, it has aimed to exceed 130,000 active cards at the end of the year.