The Colombian government announced a proposal Thursday intended to make online transactions cheaper and more secure, reported local media.
The program involves the creation of an online banking company backed by the government. Using only their government ID to register, Colombians and Colombian residents will have access to a safe transaction network where they can pay bills, send money to family and shop online.
“This will definitely enable financial inclusion to reach the most remote areas of the country at low cost, also creating a history of payments and savings as a basis for future access to credit at banks,” said Finance Minister Mauricio Cardenas.
The minister indicated transaction could reach as low as $o.50 per payment, according to the La Republica financial publication.