Inswitch, a pioneering force in embedded finance technology, and n1co Technologies, an innovative Salvadoran FinTech company, have embarked on a strategic partnership.
Inswitch will be powering n1co’s new VISA debit card issuance and processing services. This collaboration marks a significant milestone in enhancing digital payment capabilities across Latin America, particularly benefiting El Salvador.
The primary goal of this partnership is to enhance the financial inclusivity of the Salvadoran population, especially targeting the youth. By offering simplified and secure payment solutions, Inswitch and n1co are committed to integrating more individuals into the financial ecosystem, allowing them broader access to global transactions.
Inswitch provides comprehensive embedded finance technology that enables rapid deployment of digital financial services, while n1co focuses on integrating Salvadorans into the financial future through a streamlined digital KYC process and access to Visa debit cards. These cards facilitate both local and international transactions, bolstering user convenience and security.
Apart from card services, n1co users can make deposits and withdrawals at over 1,000 physical locations throughout El Salvador and execute top-ups using other banks’ credit and debit cards. The partnership also introduces person-to-person (P2P) transfers, supporting financial activities for both banked and unbanked individuals.
The collaboration between Inswitch and n1co not only supports financial transactions but also propels financial literacy and management among young Salvadorans, preparing them for more substantial financial responsibilities in the future.
Ronald Alvarenga, CEO of Inswitch, said, “At Inswitch, our commitment is to empower companies like n1co to become FinTech leaders in their markets. Our collaboration reflects a shared vision of ensuring everyone has access to financial services and promoting financial inclusion in El Salvador and the region. This partnership represents a significant advancement in access to financial services, especially for the youth, who can now manage their finances at an early age in a healthier manner.”
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