New product targets carrier’s unbanked subscribers and spurs financial inclusion by offering mobile banking transactions
São Paulo, March 23rd, 2015 –CAIXA, MasterCard and TIM launched TIM MULTIBANK CAIXA, a prepaid mobile money account that will enable the over one million TIM subscribers to pay bills, transfer money and top up phones using their own mobile phones, in addition to making purchases using a MasterCard card. The new product will be available initially in Curitiba (PR), Natal (RN) and Uberlândia (MG) and will be rolled out in other cities along the year. It targets at TIM’s subscribers who do not currently have a checking or savings account – which account for over 50% of the carrier’s prepaid base.
MasterCard will be responsible for managing the mobile payment platform (IPS), processing transactions through MPG processing platform, and for the acceptance network; CAIXA will manage the money accounts and provide the financial services platform, and TIM will sell the service and promote it among its customer base.
“Mobile payments offer an additional channel of financial access to millions of Brazilians while making people’s lives easier. Transactions are carried out quickly in a secure and convenient environment, without people having to carry cash or line up in a long queue”, said João Pedro Paro Neto, country manager for MasterCard Brazil and Division President South LAC. He also emphasizes that MasterCard wants to promote financial inclusion further in Brazil and contribute to build an interoperable payment ecosystem.
Fábio Lenza, vice-president for individual assets of CAIXA, says that the bank is always looking out for the latest trends in the payment industry and mobile payment developments, which have also been growing in Brazil. “With this new platform, a large portion of the population can access convenient and secure banking services. The business model is innovative and the technology is widely available and used by the public we want to reach”, he completed.Lenza says the product strategy is in line with the bank’s plans to universalize banking services in Brazil.
According to Roger Solé, CMO of TIM Brasil, the purpose of this partnership is to provide the carrier’s subscribers with an innovative service. “Mobile financial services are an opportunity to support the core business of carriers and, for TIM, to strengthen our innovative positioning and increase our customer base. We want mobile phones to have an even broader use, and TIM MULTIBANK is essential in this context. Over the next few years, the mobile payments industry will promote significant changes to the lives of consumers, just as mobile Internet did, for example.”
How it Works
TIM MULTIBANK CAIXA is a prepaid mobile money account based on USSD technology and SMS, compliant with all the handset models currently offered by TIM and does not require a data plan to work.
To activate the account, just dial *321# in your TIM phone to sign up for free. After that, subscribers will be able to make payments, transfer money to other mobile accounts and top up their TIM phones. Money deposits and withdrawals from the mobile account can be made at lottery center locations owned by CAIXA and CAIXA AQUI representatives. The accounts have $0 cost fees and services for money transfers, payment of bills, phone recharges, purchases and balances.
Purchases made at brick-and-mortar shops use a TIM MULTIBANK CAIXA card, which can be purchased for R$15 at TIM outlets, from TIM-owned stores to small businesses that currently sell SIM and recharge cards, as well as newsstands, for instance. Soon, clients who own a smartphone will be also able to make transactions and check their accounts on TIM MULTIBANK, which will be available on TIM App Shop for Android and iOS devices.
TIM MULTIBANK CAIXA is fully-fledged, secure, simple and easy to use. Customers will benefit from TIM’s widespread outlets to acquire the product, from CAIXA to make deposits and withdrawals, and MasterCard’s acceptance network to make payments. This way they can have access to the mainstream banking system.
The largest public bank in Latin America, CAIXA is present in the lives of millions of Brazilians. The bank has an important role in promoting urban development and social justice in the country, through initiatives in affordable housing, basic sanitation, infrastructure and public services. CAIXA is always looking out for providing its clients with the best banking services, products and experiences. Its network currently comprises a total of 4,110 CAIXA-owned locations (of which 479 pledged): 3,342 branches, including 2 floating bank branches, 768 banking service points; in addition to 18 mobile units, 13,125 lottery center locations, 19,363 CAIXA Aqui representatives and 7,676 self-service banking locations with 30,750 ATMs.
MasterCard (NYSE: MA) www.mastercard.com is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
TIM is Brazil’s second largest operator and the leading company in the prepaid segment. The company has over 75 million clients and market share of 26.97%. TIM’s mission is to connect society and make sure each client can do more, develop their full potential, and have better lives through its services. Driven by innovation and to make mobile services accessible to everyone, TIM also focuses on network and customer service quality. As a proof of its commitment, TIM has planned to invest R$14 billion in Brazil until 2017. The company also prioritizes transparency in its business and customer relationships. TIM is still the only company in the telecommunications industry on the BM&FBOVESPA New Market for corporations with the highest level of corporate governance. It is also part of the stock market’s Corporate Sustainability Index (ISE) and the Carbon Efficiency Index (ICO2). One milestone was the 2012 launch of the Portas Abertas website (www.tim.com.br/portasabertas) where consumers can obtain accurate information on TIM’s coverage as well as its network expansion and improvement projects. It is also worth mentioning the initiatives promoted by TIM Institute, which is committed to creating and strengthening resources and strategies for the democratization of science and innovation in Brazil.