Electronic wallets or e-wallets are defined as a technological tool through which currencies can be kept and transferred on a virtual platform that is accessed through an application or web page. Currency stored in an electronic wallet can typically be loaded via credit or debit cards or via cash payments to a centralizing bank account or other authorized merchant.
Electronic wallets have gained popularity because they facilitate the exercise of electronic commerce, allowing to streamline payment procedures and reduce transfer costs for businesses and users affiliated with them, thus causing a proliferation of entities dedicated to offering wallet services. electronics around the world.
Particularly in Latin America, this segment of financial and technological services ( FinTech ) has had an average annual growth of 36% since 2017, being the Fintech activity with the highest growth in the region.
FineTch regulation in Guatemala:
In Guatemala, to date, there is no specific regulation for FinTech, so the entities dedicated to these services are subject to the regulations applicable to all commercial companies in Guatemala, that is, they must comply with the regulations related to protection of the consumer, tax, civil and commercial obligations and against the laundering of money or other assets.