International Finance
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Tenpo: Latin America’s FinTech gamechanger

Tenpo was born with the vision of democratizing the world of finance through technology

According to the most recent report of the Bank Payment Systems Central de Chile (BCCh), there are currently 2.5 valid payment cards per inhabitant of the Latin American nation, a ratio which is pretty similar to the average of some developed countries such as Switzerland or the United Kingdom.

The factor responsible for this is the increasing competition among FinTech firms, who are committed to the cause of promoting financial and digital inclusion among their customers, and ultimately contributing to innovation in the country.

One such company is Tenpo, a Fintech venture, which was born a few years ago with the purpose of transforming the finance industry. As it completes its third anniversary, Tenpo has managed to serve 1.8 million customers, through its wide range of products and financial services.

The Market Commission Financiero (CMF) recently published its first report on “Issuance of credit cards bank and non-bank payment with the provision of funds”.

The study evaluated aspects such as card holders in force, cards with monthly operations, number and amount of transactions, among others, within Chile. Tenpo did tremendously well in this study.

Knowing Tenpo app in detail

Tenpo was born with the vision of democratizing the world of finance through technology. The venture is regulated by the Commission for the Financial Market (CMF), the same entity that supervises large traditional banks in Chile. Tenpo seeks to transform the financial system in a more inclusive and fair method.

“The application allows you to manage your money from your cell phone easy, fast and safe way. Through the platform you can make purchases abroad, make phone recharges and pay bills for all kinds of basic services,” the venture commented.

The app offers a digital account with digital and physical prepaid cards, through its alliance with Paypal, a personal finance management service, payment of utility bills, free ATM withdrawals, and a salary deposit facility. The app users can also send money to their near ones abroad. Tenpo recently launched its first insurance product in partnership with the largest insurance company in the Chubb World.

Apart from increasing its customer base, Tenpo’s aim is also to surprise the FinTech sector by continuously launching innovative financial products and services, which will set new trends in the market.

‘Your financial app, your digital account’ is the tagline of the Tenpo app, which comes with features like no maintenance costs, no balance limits, easy transfers between banks and ATM withdrawals.

Products and services offered by Tenpo app

With the Tenpo prepaid Mastercard card, the customer can buy products not only in Chile, but abroad as well. The individual needs to enter his/her Tenpo Mastercard card as a means of payment for international and national purchases. AliExpress, Amazon, Netflix, Uber, Rappi, Spotify,, Salcobrand, Weplay, Adidas, Casa Ideas, Easy, Telepizza, name any online shopping portal, the card works with ease. And the user doesn’t need to pay maintenance expenses for using the card.

Talking about transferring money through the Tenpo app, the FinTech venture’s ‘Zero Cash’ facility enables its users to share the contacts of their friends, colleagues and family members on the app and split the bills.

“Does your friend, colleague or family member still not pay you for his share of lunch? Send a reminder with ZEROCASH,” the venture commented on its website, while explaining the product.

And yes, the app also comes with a contactless payment mechanism.

“To pay you just have to enter the “transfer” section and select the “transfer to tennis player” option. You will see that you can choose between sending a payment or making a payment. Select the option “make a payment”, then select the contact you want to pay, enter the amount and confirm with your Tenpo password,” Tenpo commented, while discussing the FAQ ‘How can I pay someone else?’ on its website.

The ‘Zero Cash’ user can collect and pay from USD 1 to USD 5,000,000 via the facility. Also, money transfers between Tenpistas (Tenpo app users) are free. In case the user receives a charge (payment request) from an unknown number, he/she can reject the charge by selecting “reject” on the ‘Zero Cash’ section, to protect his/her account and money.

The Tenpo-PayPal dollar wallet helps users to add, save and withdraw PayPal dollars directly from the latters’ Tenpo App in a simple, safe and immediate way.

The whole withdrawal process takes USD 2.5 per transaction, with no commission being required.

Users will get facilities such as adding dollars to their wallets and saving in an international currency, withdrawing dollars to Chilean pesos directly via Tenpo accounts and checking their wallet balance online. The user can also buy in international stores, apart from sending money to other PayPal accounts and receive payments in USD.

The app also helps its users to manage their finances, by categorizing the money movements into essential and leisure segments,

“Each purchase, bill payment, recharge or other, will be registered in one of the categories created for you. We notify you of each transaction and which are the categories in which you spend the most and your savings. Manage your money knowing how you distribute it: investment, savings, expenses. We show you your movements grouped by categories and tags that allow you to know in detail what you spent on,” Tenpo commented.

Tenpo’s money transfer facility allows its users to make money transfers to Argentina, Peru, Bolivia, Colombia, Paraguay, Uruguay, Brazil, Mexico, Venezuela and Haiti, with convenient commissions.

“Simplify your shipment by sharing the recipient link. Forget to fill in the recipient’s details. From now on just share the link and let the person you want to send money to do it for you! much simpler,” the FinTech venture commented.

The user can track his/her money transfer in Tenpo’s movement history at any time, as the app will show the person the crucial details like the recipient, date, status, shipping amount, and destination, from time to time, till the money reaches to the desired person.

Tenpo also provides investment services. One of them is a mutual fund. Tenpo’s mutual fund is 100% digital. The investor can put his/her money starting from USD 1,000, apart from getting seven mutual funds that fit the investor’s financial profile.

Once you invest in this mutual fund, you need to pay a yearly commission of 1.17%. The withdrawal of the money from the fund won’t hurt the investor financially as well.

Tenpo getting globally recognised

Tenpo was recently awarded two ‘IF Design Awards’ for the excellent design of user experience (UX) and user interface (UI) design by the FinTech venture’s mobile app.

With over 60 years of experience, the ‘IF Design Awards’ are recognized for highlighting and promoting excellence in the design of products and services. Each year, a panel of independent experts selects the most innovative and well-designed designs, which makes the award highly coveted.

UX and UI designs are integral parts of any application/website, and are essential to provide users with a satisfying experience. In Tenpo’s case, the awards were given as the app’s design was not only found visually attractive, but also it met high-security standards.

‘IF Design’ also noted that Tenpo uses an interface design of a single user, which guides the person in each of the available actions.

By providing a user-friendly and secure experience, Tenpo has been able to improve the lives of its customers by providing them with access to financial services in a simple manner and with a wide portfolio of benefits.

The ‘IF Design award’ given to Tenpo proves that the platform is leading the way, when it comes to a FinTech app’s innovation and design. The company is making its presence felt, both in Chile and around the world.

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