Going through a pilot phase between August 2019 and April 2020, Vivo Money will now be rolled out to postpaid and controlled (hybrid) plan customers, providing loans of 1,000-30,000 reais (US$178-US$5,347) via mobile phone. Interest rates start at 1.99% per month and vary according to a customer’s credit profile analysis, while payment terms vary from six to 24 months. No additional fees apply. Loans are backed by Banco Digio and offered in partnership with Ibi Digital. Inking a partnership with digital bank C6 to develop combined offers for customers, Brazil’s TIM is preparing to launch more financial services with its partner by year-end. Recently, the telco has taken the benefits offered, such as data bonuses and plan discounts, to all of its clients. Previously, only prepaid and controlled (hybrid) plan users who were also clients of C6 were entitled to those.
TIM and C6 made available instant money transfers to the telcos’ clients via the financial institution’s app. Remittances are instantly credited and have no cost, according to the companies. Clients can send money to another TIM customer just by adding the mobile number of the recipient. Transfers to non-TIM users are also possible, but not as fast. The service, called C6 Kick TIM, is similar to Brazil’s own instant payment service PIX, which the central bank plans to activate on November 3. Beyond a commercial agreement, the TIM-C6 alliance allows the operator to buy participation in the bank, specifically shares that are conditioned to the partnership’s performance. TIM is also proposing to other carriers the creation of a prepaid digital currency. Clients of these plans would be able to use credits of their top-ups as electronic money for purchases and remittances.