Zinli: the digital wallet that promotes financial inclusion in Panama

Photo: Courtesy.
Editorial Dept. Voz de la Diaspora

Con Zinli, developed by the Fintech company, MFTech S.A in alliance with VISA, Panama advances in the process of financial inclusion through an efficient and secure payment instrument without the need to have a bank account.

Zinli was born as a Panamanian digital wallet that allows you to send and receive dollars instantly, from and to any part of Panama, and it is only necessary to have a cell phone, an email and an identity document, according to the creators.

“We designed a financial tool that allows everyone to, including the unbanked population, can carry out payment transactions ... without many requirements and at the lowest cost ", said the general manager of Zinli, Javier Buitrago.

Zinli not only represents inclusion for users, but also for smaller businesses or entrepreneurs, since by affiliating they obtain a QR that can be included in the sales interaction with their customers.

The advantage is that it can be used both at the physical point of sale and on the website, RRSS, email marketing, among others, thus offering potential customers an additional payment option.

The new wallet takes advantage of the business opportunities offered by the country where the 90% of daily transactions are made in cash.

Also in Panama only the 8% of people have a credit card, a 25% use debit card, and the 46% has a bank account, added Buitrago.

The general manager of Visa Panama, Santiago Rega, affirmed that being part of the initiative that gave life to Zinli is important for the global payments company since it allows them to reinforce services through “an instant generation wallet of virtual Visa credentials in Panama, for use in electronic commerce ".

In the last year and in the context of restrictions on mobilization due to the pandemic, digital wallets gained ground in the region and in particular in Panama, becoming an option increasingly used for the exchange of value which allowed the country to better adapt in the midst of a new reality.

Experts agree that financial inclusion is a key factor for development, boosts the formal economy, job creation, helps financial stability, stimulates economic activity, and reduces bank risks and costs.

Hence, the penetration of digital payment methods in Latin America versus cash also represents a growth opportunity for Fintech companies that can serve the unbanked population., provide access to faster money transfers, and promote electronic commerce through low-cost technological solutions for users.

Quick access

Available in the Google Play Store for Android devices, and in the App Store for iOS devices, user can download Zinli, register and a virtual international prepaid Zinli Visa card will be automatically enabled that, once recharged it can be used in affiliated stores, make purchases online, pay app service subscriptions, streaming y gaming.