Digital payment apps are booming in Mexico, with companies such as CoDi, Conekta, Mercado Pago, Paypal, Sr. Pago, Clip and Stripe expanding through the local market. Ualá, a technology company that seeks to promote financial inclusion in Latin America, launched Ualá Bis to allow entrepreneurs and small businesses to offer a new payment method to their customers. The solution seeks to stand out among similar options by offering greater ease in making payments, interest-free loans, more security and lower rates.
“The SME sector has not yet recovered from the blow of the pandemic and we know that they need the tools that make charging less expensive so finances are not a complication but a tool to use in their favor,” stated Maia Eliscovich, Regional Head at Ualá Bis, to Mexico Business News. Ualá Bis is looking to allow users to offer their clients the option of paying through a link and a card reader, which will allow merchants to have access to a collection of digital tools at physical points of sale.
The solution will allow users to receive payments with credit and debit cards from Mastercard, Visa and Carnet, and even defer them for up to 18 months without interest. In addition, sales are instantly deposited into the seller’s preferred bank account, which differentiates Ualá from other payment options in Mexico. Ualá Bis also aims to provide access to a web management tool for merchants to view their sales history, analyze their business statistics, create a product catalog and generate payment links, offering greater traceability and improving business administration.
To penetrate the Mexican market, Ualá plans to rely on the platform’s ease of use and affordability. “When the user tries the product and realizes that the commission is less expensive and easier to use, they will want to use it. We are faithful believers that if the product is good, it will grow almost by itself,” said Eliscovich. By being an Argentinian company, Ualá is experienced in dealing with high inflation, explained Eliscovich. “We try to give the client the security they need by assuring them that they will have their money when they need it at a lower rate than what is usually found in the market.”
“We have many ambitions to grow in Mexico, and we think that the country could represent 50 percent of all our business. Right now, it represents 10-15 percent… For us, the future of Ualá is Mexico,” said Pierpaolo Barbieri, Founder, Ualá, to Mexico Business News.