In an exciting new partnership, ride-sharing giant Uber is teaming up with Mexican online bank Bankaool. As a result of this collaboration, a new Mastercard will be issued under the name of Uber Bankaool Debit Card. This is big news for the Mexican financial industry, and also introduces a new payment option for Uber users in the country.
The Uber Bankaool Debit Card by Mastercard
Mexican residents will be able to obtain this new debit card as of October 21, 2016. It is the first card of its kind to be launched by the ride-sharing giant in Latin America. As most people are well aware of, financial inclusion is not so common in that part of the world. Having Uber provide financial services to those who need it is a remarkable development.
The current Mexican lifestyle demands such a solution. Rather than limiting the suitability of this card to ride-sharing alone, it will also function as any other debit card in the country. That means that users can pay for movie tickets, gas, and groceries wherever payment terminals are present. More importantly, this is another step forward for mobile payments as well.
Other functions, such as international usage and cash withdrawals from an ATM will also be possible. Users will need to sign up for a Bankaool account, though. Given the steps this institution is taking to promote financial inclusion, it is expected that they will be seeing an influx of new customers over the coming years.
Bankaool CEO Francisco Mere told the media:
“For us, this partnership represents an excellent example of how a fintech bank, with its open IT architecture, working with a technology company can bring innovative and disruptive solutions to a wider segment of the population in the different markets.”
This new product launch is also big news for Mastercard, as they have been forced to take a backseat to Visa most of the time. By being the first to partner with a Mexican bank and Uber for the purpose of improving financial access for all, Mastercard can gain a leg up over their competitors. The company feels it is very important to work with strategic partners, and it is not unlikely that more partnerships like this will follow.
People who sign up for the Uber Bankaool debit card will also get a free Uber trip if they are not using the application. Users will also receive access to free and unlimited Interbank Transfers. There is a monthly deposit limit of MXN $15,000, though. In the coming month, customers will also be able to obtain the card at convenience stores.
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