Payments/EC
Ecuador
ISO EC · 3 schemes
Summary
- BIMO interbank mobile wallet QR
- SPI 9.7M to 100M txns (2019-2023)
- Dollarized economy (USD)
- BCE central bank oversight
- Deuna alternative wallet
Banking landscape
Central Bank
- Name: Banco Central del Ecuador (BCE)
- Website: https://www.bce.fin.ec/
- Role: Payment systems (no monetary policy due to dollarization)
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Banco Pichincha | Private | Pichincha App |
| 2 | Banco Guayaquil | Private | BG App |
| 3 | Produbanco | Private | Produbanco Móvil |
| 4 | Banco del Pacífico | State | BP Mobile |
| 5 | Banco Internacional | Private | Int Mobile |
Market Structure
- BIMO: Leading retail wallet
- Deuna: Alternative platform
- USD: Dollarized since 2000
- Growing fintech: Sector expansion
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| SPI | BCE | Interbank real-time | 100M txns |
| BIMO | Banks | Mobile wallet QR | Active |
| Deuna | Private | Digital wallet | Active |
| Card networks | Visa/MC | Cards | Active |
SPI Growth
- 9.7M transactions (2019)
- 100M transactions (2023)
- 10x growth in 4 years
- BCE managed
Central Bank Actions
- Eliminated $0.22 transfer fee
- Promotes digital products
- Reduces cash usage
- Financial inclusion focus
QR code standards
BIMO QR
| Attribute | Value |
|---|---|
| Provider | Multiple banks |
| Feature | Contact list + QR |
| Users | Young generation |
| Type | Interbank wallet |
BIMO Features
- Enter amount to transfer
- Choose from contact list
- QR code payment option
- Multi-bank support
- Popular with youth
Deuna QR
| Attribute | Value |
|---|---|
| Provider | Deuna |
| Feature | P2P + POS |
| Market | Growing |
| Type | Fintech wallet |
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| BIMO | Banks | Yes | Interbank |
| Deuna | Fintech | Yes | Full wallet |
| Bank Apps | Various | Limited | Banking |
BIMO Dominance
- Most popular retail wallet
- Leading banks support
- QR payments enabled
- Young user base
SPI Development
- 2024 improvement plans
- Real-time payment goal
- System integration
- Simplified experience
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| BIMO QR | Interbank | Wallet | Active | bimo |
| SPI | Real-time | BCE | 100M txns | spi |
| Deuna | Fintech | Wallet | Growing | — |
Sources
Full country report
Schemes
Standards
Primary · 1
Mentioned · 2