This post is also available in: Español (Spanish)
Contxto – The latest development in the Mexican fintech world is that weex wallet and Mastercard will collaborate to offer physical debit cards to users. With the new license, the neo-bank will supply more payment options to consumers.
“This association is the first of its kind for a neo-bank in Mexico, a clear indicator of the potential of the market and our intentions to lead the industry,” said Ricardo Suarez, founder and CEO of weex wallet, to Fortune Español.
From this strategic pairing and alliance, weex wallet will be able to issue debit cards using its very own certified BIN (Bank Identification Number).
For Suarez, his company has a high probability to lead the market. Ensuring electronic payments is the first step in the right direction in Mexico. In other words, it will now be a full-blown payment processor, without intermediaries.
“The Mexican market has incredible opportunities for fintech solutions and this partnership is a strong step towards achieving our goal and commitment to increasing electronic payments in Mexico,” said Laura Cruz, general director of Mastercard in Mexico.
Fintechs in Mexico
weex wallet is one of many fintechs pursuing the same market segment in Mexico. That’s to say, 60 percent of the country’s population not able to use traditional banking means. The fintech’s virtual wallet is one of many financial alternatives in the market, others being Albo, Fondeadora, as well as Flink.
So far, weex wallet has registered over 500,000 accounts over the past two years of operations. To lower barriers for subscription, it ensures low commission rates, not to mention over 15,000 locations to upload money to the account. In Mexico, these include Oxxo stores, Farmacias del Ahorro, in addition to interbank transfers.
The company had a separate weex mobile unit that offers customizable phone plans, depending on data consumption and application use. Yonder Media Mobile acquired this division in August.