YellowPepper Supported 47 Million Financial Transactions Through Mobile In 2009

YellowPepper, a provider of mobile financial services in Latin America, has announced that the company supported 47 million transactions in 2009, and is well on track to surpass the number in the current year. The company offers solutions and capabilities on which financial institutions, retailers and both banked and unbanked consumers rely for their needs related to financial activities through the mobile medium.

 

Having established strong relationships with a number of well known financial institutions across the Latin American region including Banco Pichincha in Ecuador; Banco AV Villas, Banco De Bogota, Banco De Occidente and Banco Popular in Colombia; Banco de Credito in Peru, Banco G&T Continental in Guatemala; Global Bank in Panama; and Banco Bisa in Bolivia, YellowPepper has helped them open up the opportunity for Latin Americans to gain access to their financial accounts through mobile phones. Over 30 corporations within the retail, insurance, food distribution, importing, entertainment, and pharmaceutical industries are using YellowPepper mobile commerce solutions at the moment.

 

According to an estimate, over 80 percent of Latin Americans have access to cellular phones, which has helped mobile financial technology emerge as critical to the development of the region. The company says it has more than 1.5 million users, who enjoy a robust infrastructure built by YelloPepper that enables secure, convenient and easily accessible financial services, such as money transfers, bill payments, balance inquiries, pay-as-you go mobile transactions and pre-paid mobile phone replenishment. During 2009, the company has further extended the capabilities of its services with an innovative mobile wallet offering built on the enterprise platform from the industry-leading mobile financial services supplier Fundamo (News - Alert).

 

According to Serge Elkiner, Founder and President, YellowPepper, the high concentration of mobile users in Latin America, and the increased desire for innovation within the financial marketplace, has presented an ideal opportunity for the company to grow and meet consumer needs. Elkiner noted that the company has partnered with prominent organizations including Western Union (News - Alert), Fundamo, Credibanco, top regional and national banks, in addition to mobile network operators, in order to reach Latin Americans when and where they need funds most.

 

In February 2010, YellowPepper announced that it has introduced a new comprehensive mobile financial service for the unbanked, called “YellowPepper Mony.” The new service has been developed in partnership with Fundamo, a provider of mobile banking and payment software solution, and allows financial institutions and corporate clients to deliver consumers with secure, convenient and easily accessible financial services, such as mobile money transfers, international remittances, mobile bill payments and pre-paid cell phone service.