The Cuban Telecommunications Company (Empresa de Telecomunicaciones de Cuba S.A. – ETECSA) will include within its services the creation of a mobile wallet as part of the procedures in the Transfermóvil Platform.

The decision, authorized by the Central Bank and endorsed by the Resolution 116/2021, and published in the Extraordinary Official Gazette, grants ETECSA a license to function as a non-financial entity that can provide financial services to support other Cuban payment institutions.

The money deposited in the wallet can come from the phone’s credit and the cards linked to bank accounts.

This resolution establishes that the amount cannot exceed 5000 pesos, nor the transactions, 1500. Also, it does not permit the raising of resources from third parties through cash deposits.

The money will only move from the mobile wallet for purchases in stores where Transfermóvil payments are available, or credit transactions between wallets or to bank accounts.

The resolution makes clear that withdrawing cash is not allowed

Source: Radio Ciudad with information from Radio Rebelde