Ualá Bis Celebrates its First Anniversary in Mexico
Home > Finance & Fintech > Article

Ualá Bis Celebrates its First Anniversary in Mexico

Photo by:   Ualá
Share it!
Sofía Hanna By Sofía Hanna | Journalist and Industry Analyst - Tue, 05/09/2023 - 13:14

While celebrating its first anniversary in Mexico, digital payment solution Ualá Bis announced that it would allow legal entities to register on its platform. In addition to entrepreneurs, legal entities will have access to the 100% digital, easy and secure payment alternative.

“We find in Mexico the great challenge of promoting and facilitating the digitalization of small and medium-sized businesses, especially in a market where cash in circulation represents 9% of GDP. We are very pleased to contribute to the advancement of financial inclusion for entrepreneurs,” says Maia Eliscovich, Vice President, Ualá Bis. 

This solution will have a commission of 2.99% plus VAT, a lower percentage than other options on the market, which are often between 3.4% and 3.6% plus VAT. This move will allow companies to accept payments with Mastercard, Visa, Carnet and “Si Vale” cards. Businesses will have access to direct receipts and an intuitive and easy-to-use mobile application.

In March 2023, Ualá Bis reported a 45% growth in transacted volume and a 30% growth in active users compared to February 2023. The company expects that both indicators will continue to increase month by month. Ualá Bis is mainly used by food and beverage, clothing retailers and small stores. During the last six months, the volume of collections from users in the country increased 10-fold. Ualá Bis has also had stronger adoption outside large cities.

Ualá Bis offers businesses the opportunity to charge through a payment link and a card reader, allowing merchants to have access to a payment tool at digital and physical points of sale. “From Ualá, we seek to offer products that include more and more people in the financial system. With Ualá Bis, we reinforce our commitment to the Mexican market, especially with SMEs,” adds Eliscovich.

Payment solutions are becoming increasingly relevant for merchants. According to the Annual Financial Inclusion Panorama 2022, point of sale terminals recorded 132 million transactions at the end of the year, with 54% of the population paying with debit cards.

Photo by:   Ualá

You May Like

Most popular

Newsletter