The Fintech ecosystem in Mexico has a new player to support personal finance in the northern country with Ualá coming in strong from Argentina.
With only three years in the Argentinean market, Fintech focused on finance in Latin America announces the opening of operations in Mexico, one of the countries with the highest growth in the sector in recent years.
This was announced by Pierpalo Barbieri, CEO of the company to an important local media iProup in a note that appeared yesterday in its digital version.
According to Barbieri, the company already has a local operations team in Mexico and estimates that 25 new jobs will be opened in the rest of the year to meet the demand of a country with 128 million inhabitants Profit Secret, a high percentage of whom are unbanked and eager for financial solutions outside the traditional sector.
„Three years ago we launched Ualá in Argentina with the dream of making personal finance in Latin America more innovative and inclusive. After 18 months of work, we are very happy to offer all Mexicans a safe, innovative and truly free product. We are proud to be part of the technological transformation of money and to lead a revolution that will change the way people see and understand their personal finances“ said Pierpaolo Barbieri, founder and CEO of Ualá.
In Mexico, the company is offering its app linked to a Mastercard free of charge, with no issue, renewal, maintenance or closing costs, for making purchases at any physical or online commerce where Mastercard is accepted, in addition to the traditional plastic benefits of withdrawing cash at ATMs and sending and receiving money quickly and securely, as can be read in the official note.
In this regard, Marcelo Claure, CEO of SoftBank said that „we are confident in the potential to revolutionize financial services in Mexico as they are doing in Argentina.
In Argentina, the ravages of the COVID-19 pandemic have accelerated the implementation of virtual purses to make online payments ‚without contact‘.
Mexico has not escaped this reality, as it is one of the ten countries most affected by the pandemic and a fertile sector for the development of fintech solutions, especially in the financial sector due to the high rate of unbanked people in the country, who have sought alternative options to the traditional financial system to carry out their transactions.
From withdrawing cash from ATMs to investing in Mutual Funds from the platforms without leaving home are some of the functionalities offered by virtual wallets.
Ualá is one of the many options available in the Argentine market, which is now betting on conquering a highly fertile sector for its business scheme, such as the Mexican one.
The application invented by an Argentinean for those who do not have a bank account, has meant a revolution in the southern cone in the way financial transactions are carried out.
All you have to do is download the app available for both Android and iOS and scan your local ID, take out a selfie and fill out a basic data form from the same smartphone.
Once the applicant’s profile has been approved, it is possible to obtain a prepaid card that can be used anywhere in the world and in any type of business, without a bank account. In this way, with the application it is possible to use it to pay, send or receive money instantly without any cost for issuing or maintaining the plastic.
According to Martín Bellocq, the company’s Marketing Manager, during the pandemic, 2 million plastics were issued in Argentina alone and payment for services increased by up to 300 percent through the app.
Ualá owes its name to a play on words using the term wallet, which means „purse in English“, and voilá, which means „surprise in French“.