'Easy Pay - Digital Pay ', an inclusive Project Law - Colombia

Monday, March 26, 2012 - 23:27
The ICT Ministry and the Ministry of Finance released the draft law “Easy Pay - Digital Pay”, which seeks to bring transactional services to the entire population and expanding demand over the Internet. The Deputy Minister for ICT, María Carolina Hoyos Turbay and Technical Deputy Minister of Finance, Ana Fernanda Maiguashca, presented the draft law 'Easy Pay - Digital Pay' during the Third Congress of Access to Financial Services, Payment Systems and Tools, organized by Asobancaria in Cartagena (Colombia). The project serves a new digital payments business that will allow Colombians to make their transactions safely, efficiently and at lower cost. It also seeks financial inclusion of the population which develops informal productive activities, and thus tending to the formalization of the transactions in the economy. "The idea is that people can do their financial transactions from their phones, tablets and other mobile devices, to no longer waste time on travel and rows. It is a great alternative for people who live in rural or remote areas of banking areas", said Vice ICT. Technical Deputy Minister of Finance said that it is important a balance between protection and access to electronic transactions, as this project is part of the strategy that seeks that more Colombians are banked. Now there are over one million users of mobile transaction, this thanks to the coordination of different actors in the government and the private sector, who in a joint, are driving the delivery of government subsidies through electronic wallets. This mechanism has reduced prices incurred by the national government to meet the basic needs of vulnerable sections of the country, and also this social service is going to be provided in an efficient, quick and transparent way. Mobile banking has grown substantially in recent years. According to the latest report of the Superintendency of Colombia, the channel used by financial users in Colombia is the cell phone, with a 26% of usability. (Source: MINTIC –Colombia) Further details