Brazil’s CAIXA, the largest public bank in Latin America, and TIM have introduced a prepaid mobile money account that will enable the over one million TIM subscribers to pay bills, transfer money and top up phones using their own mobile phones, in addition to making purchases using a MasterCard card.
The new TIM MULTIBANK CAIXA will be available initially in Curitiba (PR), Natal (RN) and Uberlândia (MG) and will be rolled out in other cities along the year. It targets at TIM’s subscribers who do not currently have a checking or savings account – which account for over 50% of the carrier’s prepaid base.
MasterCard will be responsible for managing the mobile payment platform (IPS), processing transactions through MPG processing platform, and for the acceptance network; CAIXA will manage the money accounts and provide the financial services platform, and TIM will sell the service and promote it among its customer base.
The TIM MULTIBANK CAIXA prepaid mobile money account is based on USSD technology and SMS, compliant with all the handset models currently offered by TIM and does not require a data plan to work.
To activate the account, just dial *321# in your TIM phone to sign up for free. After that, subscribers will be able to make payments, transfer money to other mobile accounts and top up their TIM phones. Money deposits and withdrawals from the mobile account can be made at lottery center locations owned by CAIXA and CAIXA AQUI representatives. The accounts have $0 cost fees and services for money transfers, payment of bills, phone recharges, purchases and balances.
Purchases made at brick-and-mortar shops use a TIM MULTIBANK CAIXA card, which can be purchased for R$15 at TIM outlets, from TIM-owned stores to small businesses that currently sell SIM and recharge cards, as well as newsstands, for instance. Soon, clients who own a smartphone will be also able to make transactions and check their accounts on TIM MULTIBANK, which will be available on TIM App Shop for Android and iOS devices.
TIM MULTIBANK CAIXA is fully-fledged, secure, simple and easy to use. Customers will benefit from TIM’s widespread outlets to acquire the product, from CAIXA to make deposits and withdrawals, and MasterCard’s acceptance network to make payments. This way they can have access to the mainstream banking system.
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