Due to their low income, 8.000.000 Colombians can´t join the banking system to save money, which makes many basic goods hard or impossible to acquire without a credit history.
So we have created Payphone Bank, an OS capable of turning Tigo-Une´s existing Payphones into micro-savings devices in the near future. They will work like digital-era piggybanks, where millions of people can deposit their coins into a personal savings account, and eventually use the credit to easily acquire basic products and services.
We created software compatible with the already existing 13.000 payphones installed in various cities of Colombia, which can turn them into a micro-savings terminal through DTMF tones.
Users will be able to activate an account using their ID number.
They will then be guided through the menu by an automated operator.
Every coin they insert is added to their total balance.
In the menu, they can manage their account to purchase basic products and services.
This technology is now a fully working prototype and can be implemented in the payphone network throughout 2017.