The Future of Mobile Money and Phone Payments in Guatemala
Posted: Sun May 25, 2025 9:17 am
Guatemala is on the cusp of a transformative shift in its financial landscape, driven by the rapid adoption of mobile money and phone-based payment systems. With a significant portion of the population still lacking access to traditional banking services, mobile money presents a viable solution to promote financial inclusion and economic growth.
Current Landscape and Adoption Challenges
As of 2023, Guatemala had one of the lowest guatemala phone number list mobile payment penetrations in Latin America, alongside countries like Ecuador and the Dominican Republic. Over 30% of non-users cited limited acceptance of mobile payments as a primary barrier to adoption . Despite this, the country has witnessed a steady increase in the use of mobile financial services, particularly in urban areas where smartphone penetration is higher.
McKinsey & Company
Key Developments in Mobile Money
Banco Industrial's Integration of Blockchain Technology
In May 2025, Banco Industrial, Guatemala's largest bank, partnered with SukuPay to integrate blockchain-based stablecoin remittance services into its mobile app, Zigi. This innovation allows Guatemalans to receive funds from the U.S. for a flat fee of $0.99, using only a phone number. The service leverages the USDC stablecoin and operates on the Polygon network, marking a significant step towards modernizing cross-border payments in the region .
Expansion of Mobile Wallet Services
Tigo Money, a prominent mobile wallet service, enables users to perform a variety of financial transactions, including sending and receiving money, paying utility bills, and recharging mobile packages. With a user-friendly interface, Tigo Money has become a popular choice for individuals seeking convenient mobile financial services .
Introduction of Apple Pay
In 2023, Mastercard introduced Apple Pay to Guatemala, allowing cardholders to make secure, contactless payments using their iPhones or Apple Watches. This development aligns with global trends towards digital wallets and is expected to enhance the adoption of mobile payments among tech-savvy consumers .
Future Outlook
The future of mobile money in Guatemala appears promising, with several factors contributing to its growth:
Increased Smartphone and Internet Penetration: As more Guatemalans gain access to smartphones and the internet, the potential user base for mobile financial services expands.
Government Initiatives for Financial Inclusion: The Guatemalan government's focus on digital financial inclusion aims to create an enabling environment for mobile money services to thrive.
Technological Innovations: Advancements in technologies such as blockchain and eSIM are poised to further enhance the security and accessibility of mobile financial services .
Global YO
Conclusion
Mobile money and phone-based payment systems are set to play a pivotal role in shaping the future of Guatemala's financial ecosystem. Through strategic partnerships, technological advancements, and supportive policies, Guatemala is laying the groundwork for a more inclusive and efficient financial system that can serve the needs of its diverse population.
Current Landscape and Adoption Challenges
As of 2023, Guatemala had one of the lowest guatemala phone number list mobile payment penetrations in Latin America, alongside countries like Ecuador and the Dominican Republic. Over 30% of non-users cited limited acceptance of mobile payments as a primary barrier to adoption . Despite this, the country has witnessed a steady increase in the use of mobile financial services, particularly in urban areas where smartphone penetration is higher.
McKinsey & Company
Key Developments in Mobile Money
Banco Industrial's Integration of Blockchain Technology
In May 2025, Banco Industrial, Guatemala's largest bank, partnered with SukuPay to integrate blockchain-based stablecoin remittance services into its mobile app, Zigi. This innovation allows Guatemalans to receive funds from the U.S. for a flat fee of $0.99, using only a phone number. The service leverages the USDC stablecoin and operates on the Polygon network, marking a significant step towards modernizing cross-border payments in the region .
Expansion of Mobile Wallet Services
Tigo Money, a prominent mobile wallet service, enables users to perform a variety of financial transactions, including sending and receiving money, paying utility bills, and recharging mobile packages. With a user-friendly interface, Tigo Money has become a popular choice for individuals seeking convenient mobile financial services .
Introduction of Apple Pay
In 2023, Mastercard introduced Apple Pay to Guatemala, allowing cardholders to make secure, contactless payments using their iPhones or Apple Watches. This development aligns with global trends towards digital wallets and is expected to enhance the adoption of mobile payments among tech-savvy consumers .
Future Outlook
The future of mobile money in Guatemala appears promising, with several factors contributing to its growth:
Increased Smartphone and Internet Penetration: As more Guatemalans gain access to smartphones and the internet, the potential user base for mobile financial services expands.
Government Initiatives for Financial Inclusion: The Guatemalan government's focus on digital financial inclusion aims to create an enabling environment for mobile money services to thrive.
Technological Innovations: Advancements in technologies such as blockchain and eSIM are poised to further enhance the security and accessibility of mobile financial services .
Global YO
Conclusion
Mobile money and phone-based payment systems are set to play a pivotal role in shaping the future of Guatemala's financial ecosystem. Through strategic partnerships, technological advancements, and supportive policies, Guatemala is laying the groundwork for a more inclusive and efficient financial system that can serve the needs of its diverse population.