These services will be available to users regardless of their phone service carrier. AT&T emphasises on the digital wallet’s website that it has not turned into a bank or financial services provider. Instead, the operator has joined forces with Mexican fintech Broxel, which is the tool’s financial and technical operator.
ReMo charges ~USD 7 for account activation, which includes a personalised chip card for physical transactions. A normal bank account is not required to activate the wallet and there are no annual fees. According to bnamericas.com, telcos such as Millicom’s Tigo and Brazil’s TIM are increasingly turning into fintelcos to diversify their revenue streams and build customer loyalty. The moves are also part of a regional trend toward the digitization of bank services following the spread of the coronavirus pandemic.
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