Kuara - New Financial Payment Methods for Panama

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Kuara - New Financial Payment Methods for Panama

 Posted 26/04/2024

Photo, from left to right: Jorge Morgan, Executive President of MMG Bank. Jorge Enrique Vallarino, General Manager of Global Bank. Nathalie Angulo, Representative of Kuara. Alfonso Prieto, Executive President and General Manager of Banesco.

(Apr 26/2024) Panama - The launch of Kuara was announced, an independent platform designed to transform the way people carry out their financial transactions in Panama.  Kuara arises with the purpose of promoting financial inclusion and expanding online payment options, offering an experience characterized by its efficiency, security and convenience.  This innovative platform will allow users to make payments securely without sharing information with third parties, initially using the cell phone number as an identifier.  In addition, Kuara will be incorporated into the Electronic Banking of each of the affiliated entities, which will further facilitate the transaction process.

Nathalie Angulo, representative of Kuara, commented: «The name Kuara not only evokes a currency known to everyone, but also represents ease, versatility and above all trust. “We wanted something that resonated with everyone, was easy to remember, and at the same time reflected our mission to simplify and democratize financial services.” Kuara marks a milestone in the evolution of financial services in Panama.  In its initial phase, Kuara will be available to clients of Global Bank, Banesco, MMG Bank and Banistmo has also joined. 

The platform will continue to evolve in the coming months, with the incorporation of other financial entities and the implementation of new functionalities, such as payment to businesses.  Kuara invites all financial institutions to join the new era of mobile payments, where financial inclusion and payment options are accessible to all. Each of the affiliated banks will announce through their official channels the date on which their clients will be able to use this innovative platform and enjoy its benefits.

https://www.newsroompanama.com/news/kuara-new-financial-payment-methods-for-panama

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Kuara the Digital Payment Platform in Panama

Posted 14/05/2024

At a presentation event of Kuara, the digital payments platform developed by Global Bank, MMG Bank and Banesco, another local banking giant joined this initiative: Banistmo.  The four banks have more than 900 thousand clients and total more than 20 percent of the country's private banking deposits.  It is, therefore, a milestone in the technological history of the country, which is now reinforced with a platform whose objective is to promote payment alternatives.  Kuara is a term that millions of Panamanians give to the 25 cent coin or quarter.  Kuara's original presentation took place at an event held on April 25 that you may have read about in Newsroom Panama.  It appears to be a competitive product to Banco General’s Yappy.  The bankers anticipate that this tool will have the ability to improve the experience of making payments and transfers for users of multiple banks in the area. Yappy, Nequi, Zinli, and now Kuara compete in the digital payments market in Panama. 

In 2023 the person-to-person transaction market was 2.3 trillion.  “We might think that we are late in Panama, but that is not the case: it is estimated that by 2030 that figure will increase to 12 trillion, so the moment is ideal.  One of its advantages is that it allows the cell phone number to be used as an identification mechanism.  But in the short term, new identifying mechanisms will be added, for example, mobile devices located abroad and the email address, which will be available from the electronic systems of the banks affiliated with Kuara.  Other banks are on the way to joining this initiative.  Then, in a matter of months, more users will be empowered with the ability to “choose” a new payment alternative that is different from the others, among other reasons because they will not have to share their key number or confidential information with third parties. Kuara does not keep sensitive information from any of the banks, making it a very attractive, robust, and undoubtedly secure platform.  24 hours a day, seven days a week, customers will be able to make transactions quickly and safely.  If you are using one of these 4 banks you will have to contact them as to when Kuara will be functioning and how to use it.   

https://www.newsroompanama.com/news/kuara-the-digital-payment-platform-in-panama