Uber, in partnership with Bankaool, the first Mexican online bank, and Mastercard, the industry leader in electronic payments, announced the launch of Uber Bankaool Debit Card, an innovative solution that offers an alternative way to pay for rides, using a mobile banking app.
Uber Bankaool card, available since October 21st, is the first debit card that the technology company launches in Latin America, offering users who do not have a credit card or whose debit card is not open for ecommerce a new payment method.
According to Francisco Meré, CEO, Bankaool:
“This reflects how Fintechs with an open IT architecture can work together with IT companies, bringing innovative and disruptive solutions to an increasing number of markets.”
“Uber Card can be used to pay at movie theaters, stores or restaurants, as well as ecommerce and mobile apps that accept Mastercard, both in Mexico and internationally, and even to withdraw cash at ATMs” The card is linked to a Bankaool account, which also offers savings and investment products.
Other advantages of the Uber Bankaool card include, free first Uber ride (up to MXN$100 for new users of the app); accepted in physical retailers and ecommerce, Internet Banking and Mobile Bankaool; unlimited Interbank Transfers (SPEI) free of charge, and online access to account balances and statements, as well as monthly refunds of the fee on 2 cash withdrawals at any ATM.
Uber Bankaool debit card requires a monthly deposit of up to MXN$15,000 and is available through Bankaool.com for all Mexican users, and will be coming soon to convenience stores.
Bankaool, S.A, Institución de Banca Múltiple, is the first fintech bank in Mexico. Bankaool uses a state-of-the-art IT platform that offers online on-boarding for savings and loans to improve customer experience and convenience. Bankaool was voted Best SME Bank Mexico in 2016 by Capital Finance International magazine.