O Itaú Unibanco launched the application Iti for all Android and iPhone users: with it, you can make payments via QR Code in physical stores, in addition to transferring money to your contacts, even if you don’t have a bank account; it is not necessary to be an Itaú customer to use it. It is a proposal similar to other apps like Mercado Pago, PagBank (from PagSeguro) and PicPay.
It is possible to create a free account on Iti by filling in some basic data; you do not need to provide proof of income or address. That done, you can register a credit card or deposit money through payment via boleto. Then, it will be possible to use the application to make payments and transfers.
Payment in physical stores is made through QR Code. You scan the code provided by the shopkeeper or self-employed person, confirm the amount, and the money will be transferred immediately. The entrepreneur pays a 1% fee.
The QR Code can be printed at the point of sale, or generated on the network’s wireless machine screen; there are more than 400 thousand enabled terminals in Brazil, in more than 4 thousand cities.
Itaú Iti has no-fee transfer to any bank
It is also possible to make transfers to contacts who also use Iti: you scan the QR code on your friend’s cell phone or use the contact list to find it. You can even send money to any bank – not just Itaú – by entering the branch and account details, without paying any fees.
Iti had been in tests since July; since then, more than 100 thousand people have registered with the application. The idea is to solve problems “such as insecurity in carrying money, difficulties with change and even the cost of circulating paper money in Brazil”, says director Livia Chanes in a statement.
This is just the beginning: Itaú says that Iti will soon have a credit card, loans, investments, insurance, among others.
The new service enters the war of QR Codes that are appearing in more and more stores. You can use your cell phone to pay with iFood, Mercado Pago and PagBank, for example; PicPay can even read codes generated by Cielo machines.