Electronic wallets have become an essential tool for managing finances in contemporary societies. One of the companies of this type that has positioned itself very well in the Latin American market is the Spanish TropiPay, created in 2018 and currently with more than 160,000 registered users and 3,450 companies from over 190 countries.

PanamericanWorld spoke with Sandra Arpa, TropiPay’s marketing director. She acknowledges that the company has strongly supported entrepreneurs and independent work, which has led them to create many solutions to facilitate payment and collection of services for startups. “Our spearheads have been Cuba, Argentina, Venezuela, and the Dominican Republic, but we have requests from virtually the entire continent, including Panama, Honduras, Mexico, Colombia, and Uruguay,” she explains.

“Any platform or business can easily integrate with TropiPay, as the link with our API is a really simple process. We want to facilitate the possibility of businesses receiving online payments,” she asserts.

Having a diverse team of professionals from Spain, Argentina, and Cuba is beneficial for innovation and creativity, says Sandra. “Having people with different perspectives, experiences, ways of doing things, and skills gives us a highly enriched human potential. It also helps us to understand our clients’ needs much better. Many companies do not have that interdepartmental connection, which ends up resulting in many mismatches with some areas, and in the end, the customer notices it in many things. At TropiPay, we always work hand in hand, from the support area to the product development area,” confirms Sandra.

Solutions for users and companies

TropiPay offers different types of solutions for users, including: sending remittances to family and friends; payment collection through payment links; immediate payments by QR code; reliable payments through a trusted third-party solution; purchases in the marketplace, as well as payment facilities in businesses associated with the company; a multi-currency wallet and collection of income generated by vacation rentals of individuals, either on virtual cards issued by travel agencies such as Booking and Expedia, or bank transfers made by Airbnb.

In addition, TropiPay has services designed for companies, including mediation, which helps to ensure transactions between suppliers and/or customers; bank transfers; collection and payment solutions.

The company’s business model is mainly based on commissions for transactions. “TropiPay charges a fee, depending on the type of transaction and its amount, but there are also free functions on the platform, such as internal transfers between users and purchases in TropiPay’s market, where there are also no commissions for the user,” clarifies Sandra.

TropiPay, a facilitator of financial operations

“Our role in this ecosystem is to be a facilitator of online financial operations. The maximum is that our clients can achieve the greatest possible financial freedom within the banking regulations in which we operate, and with the best possible user experience,” acknowledges Sandra.

This electronic wallet places great emphasis on security issues. “We operate under the framework of a Payment Entity license. These licenses are supervised by the Bank of Spain and the European Central Bank and are developed in accordance with Law 16/2009 on Payment Services, guaranteeing funds up to 200,000 euros. Such licenses are authorized by the Ministry of Economy and Finance, after a report from the Bank of Spain, which authorizes them to provide payment services,” she explains.

In addition, the company applies a strict KYC (Know Your Customer) and AML (Anti Money Laundering) policy to prevent fraud and transactions that violate current regulations and/or legislation.

Future projections of the e-wallet

The development team of TropiPay is focused on creating new functionalities and features to further improve the platform.

“We are working on a new remittance application, TropiSend. This will allow our users to send and receive money faster and more securely, with more flexible payment options and an intuitive interface with which they can execute transactions in seconds,” explains Sandra.

In addition, the company aims to become a neobank that provides “a wide range of financial services, from loans to checking accounts and credit cards, all within a unique and secure platform,” she asserts.

“We are excited about what the future holds. Our strategic plans aim to provide our users and customers with a complete financial experience tailored to their needs. We hope to continue to be a reliable financial partner,” she concluded.