The digital transformation of financial services continues to advance in Panama, and one of its main protagonists is Yappy, the digital payment platform that allows you to send and receive money via cell phone and make payments at affiliated businesses.
Advantages of Yappy.
Created by Banco General, Yappy has evolved from a tool for transfers between people to become a payments ecosystem used by consumers, entrepreneurs and companies. Economist Carlos Araúz pictured below left, recognizes the importance of this platform in trade and banking digitalization.
Economist Carlos Araúz recognizes the importance of this platform in trade and banking digitalization.
“Banking is much more than just opening or having an account. It’s an ecosystem that allows access to credit cards… This banking goes hand in hand with digitalization. Undoubtedly, there is one player that is more than relevant in this great story of transformation: Yappy,” said Araúz.
Benefits for the Panamanian Economy.
Currently, the platform integrates seven banks, has more than 1.7 million individual users, and over 30,000 affiliated businesses. Yolianna Alfaro, executive vice president and general manager of Yappy, emphasized that the goal is to continue growing. “There are seven banks, but there are many banks in Panama, so we still need to grow, grow more. There is a significant challenge in continuing to become part of the daily lives of Panamanians, in areas such as transportation, public services, and online shopping,” she said. Alfaro emphasized that the aspiration of this digital platform is “for Panama to be a benchmark in digital payments in the region.” “We truly want to make it possible for every Panamanian to have access to paying wherever and whenever they want. But for that, we need not only help from the banks, but also from those other actors who currently regulate, such as the Ministry of Economy and Finance and the Superintendency of Banks of Panama, to truly help us collaborate and create something that is for everyone,” he added.
A Boost for Businesses and Entrepreneurs.
One of Yappy’s most visible effects is on small businesses and startups. By accepting payments via mobile phone, merchants can offer an additional alternative to cash and facilitate both in-person and remote sales. “Digital transformation has to reach micro and small businesses. Only then will we be able to make that quantum leap towards sustainable growth. But how does that happen? By putting together viable solutions for micro and small business owners,” Araúz emphasized. Data from Banco General illustrates the scale of this activity. During 2024, payments from individuals to businesses via Yappy averaged approximately $101 million per month, while in December of that year they exceeded $147 million.
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