With this alliance, users will be able to pay for services online and make purchases at point of sale terminals, have cash available at ATMs and a bank account, said Pablo Porro, general manager of Wuster Union Mexico, Central America and the Caribbean; and Ulises Tellez, president and CEO of PagaPhone.
“The objective is to include families financially, to offer them more options so that they can manage their finances in a more complete, more comprehensive way that allows them to integrate into other ecosystems,” Pablo Porro commented at a press conference.
He added that it also seeks to promote savings, capitalize on some entrepreneurial project and facilitate private consumption “which continues to be one of the main chapters in which the flow of remittances arriving in Mexico is invested.”
By law, the payment of remittances must be made in a single installment. With the debit card, people in Mexico “can dispose of that money as they prefer, through the account, the wallet and the payPhone card,” said Ulises Tellez.
In the first three months of 2022, Mexico received more than 32.9 billion remittances, according to figures from the Bank of Mexico (Banxico).
“Today, 94% of remittances are paid in cash and only 6% electronically”, said the CEO of PagaPhone while highlighting the market opportunity.
Fintech PagaPhone currently has about 35,000 users and they expect to close the year with “300,000.”