Electronic Money Solution for Remittances, Expense Control, Bill Payments, QR Payments and Card
About
Applicant name: CASHPAK
Innovation Name: CASHPAK
Innovation Type: Solution
Website: http://www.cashpak.com.ni
Mission: Electronic Money Solution for Remittances, Expense Control, Bill Payments, QR Payments and Card
Innovation Description: CashPak is an electronic money platform that allows individuals and companies to facilitate the exchange of money for the purchase of goods and services as well as the receipt and delivery of Western Union and other brand remittances, as well as QR payments in stores, bill payments and top-ups and expense control functionalities. The CashPak Wallet is accompanied by a prepaid Mastercard that allows customers to receive payments of different income such as remittance, incentives, salary, credits, etc. With the card, customers can buy in national, e-commerce and international stores. The products are aimed at a low and medium purchasing segment, and seek to raise financial inclusion rates in Nicaragua and Central America. We have a network of more than 4,000 points in the cash-in and cash-out region through the alliance with the largest money transfer company in Central America, AirPak.-
Innovation Inspiration: For more than 30 years, our main partner AirPak, in its mission to improve economic development and financial inclusion in the countries it operates, saw the need to implement the first Electronic Money Entity in Nicaragua with the aim of introducing a financial solution and a digital payments ecosystem that allows different segments of the population to have a greater participation and timely and adequate access to financial products and services. For this reason, it introduced CashPak as its flagship company in electronic money transfer using mobile devices including mobile wallets and prepaid cards in conjunction with Mastercard. As a vision we have set ourselves to be the leading technological platform in Central America and Mexico that offers greater opportunities for financial inclusion by providing digital products and services such as the Wallet and CashPak Card that are continually evolving to provide the best payment experiences for the most disadvantaged .
Who benefits from the innovation most? CashPak is an end-to-end solution that seeks to integrate the largest number of participants that require the use of electronic money for national and international transfers. The main beneficiaries are our receiving clients but also remittance sending clients since CashPak becomes a low-cost alternative for their relatives abroad. Also other remittance companies can benefit from CashPak for the ease and agility in which digital money is available in the hand of customers. Regulators in turn are indirectly benefited by having a solution that actually allows more people than ever before to have access to bank accounts or e-money accounts, let alone who may have purchased online. Specifically, CashPak’s field of action is Central America and Mexico. We were born in Nicaragua and have expansion plans to the rest of the countries where AirPak has a presence.
What are you most proud of about your innovation? We are very proud of the ability of products to be adopted by our clients in terms of convenience, agility and usability, as they have proven to be very easy to adopt and many of our clients have made their daily lives easier due to savings in time, effort and transportation costs to withdraw your remittances in cash. CashPak has provided innovative mechanisms in customer compliance and due diligence processes, allowing them not to require an agency to complete their registration, and also automated customer service mechanisms through different service channels. We also have a relevant cash-in and cash-out network in the region, which makes electronic money flow unhindered and customers feel satisfied with what they receive of value. On the other hand, through financial education programs we have been able to increase the savings behavior of our clients and CashPak has been an essential tool during the pandemic.
Status of Innovation: In-market
Innovation Active Since: 06/09/2017
Applicant Type: Private Company
Headquarter City: MANAGUA
Headquarter Country: NICARAGUA
Year Founded: 2013
Main Category
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category ?:
The Wallet and CashPak Card are essential tools that have allowed remittance clients as well as their families to have a vehicle that allows them to control their finances, keep track of their income and expenses associated with remittances and other sources of income. In turn, CashPak makes it easier for people without jobs and a bank account to receive their payments through CashPak at a lower cost. On the other hand, the convenience of being able to send and receive remittances through the Application allows money to be immediately available for payments of basic services, loans, as well as airtime recharges. Our solution is accompanied by financial education programs at our points of sale to improve savings and budget management capabilities. Finally, through the prepaid card, our clients have the money from the remittance to make their purchases online and avoid the use of cash.
Secondary Category
Secondary Category Choice: Innovation in Time of Crisis
Why do you think you should win this category?
Both the Wallet and the Prepaid Card are innovative products that, under pandemic considerations, have allowed the following results in the use by our clients:
1. Have the money from the remittance in a wallet and prepaid card that allows our customers to buy online and receive their food at their doorstep through allied online platforms.
2. Avoid the use of remittance cash through an international brand prepaid card in basic stores for the remittance sector: supermarkets, service stations, online shopping, digital content.
3. Our remote enrollment processes have enabled mechanisms so that clients can register from the application without having to visit an agency and we use artificial intelligence and computer vision algorithms to verify the identity of our clients. In this way they are enabled to use the wallet and then obtain the card.
4. Facility of Delivery of Prepaid Cards in 5 min.
Team Members
Full Name: Raul Javier Madriz Cano
Role: Managing Director CashPak – Chief Digital Officer AirPak
Linkedin: https://www.linkedin.com/in/raulmadriz/
Full Name: Ana Julia Sequeira
Role: Communication and CSR Manager Grupo Coen
Full Name: Carlos Zúniga
Role: Director of Operations Grupo Coen
Supporting Links
CashPak Web Site: http://www.cashpak.com.ni
CashPak Fintech Description: https://docdro.id/YDD8DRh
CashPak App Retail Remittance Check-in Description: https://docdro.id/fDQJmdW
CashPak Corporate Presentation: https://docdro.id/AUORuMt
Entry Representative
Full Name: Raul Javier Madriz Cano
Role: Managing Director CashPak – Chief Digital Officer AirPak
