The new system will be similar to Sinpe a transfer to a bank account. | FILE
By the second quarter of 2014, officials with the central bank hope to put into place a system where customers can send money using telephone numbers. The system would allow a person to send the funds from a bank account using a mobile app on a cell phone, ATM or Internet banking. Payments would be routed through a master table that links cell phone numbers with bank accounts. The central bank would manage the linking table as it does the SINPE system for making transfers between bank accounts. Also on the list for this year is an initiative to create stored value RF (radio frequency) cards that allow passengers to swipe bus fare.