UberCard - A new business technique to attract the Mexican riders ~ Kwentology

The leading online car hailing company in the United States is Uber; it is the first app based company that connects the consumers with the service providers. The passengers can download the app and request for a ride to the desired location and they have to make the payment using the credit card or the debit card.

The ridesharing service is available in many cities and countries, and there are many people benefited through this service because of the efficiency, reliability and the affordability of the service. The passengers can be assured that they will get an Uber ride even to the suburbs and rural areas at any time and the cost of the ride is cheaper than the normal taxi fare. But the car hailing company faces an obstacle in the growth of its business in some parts of the world because the banks in the country restrict their customers from using the credit and debit cards. One such country where the car sharing company faces the card payment issue is Mexico.

Uber branded card payments

The car sharing company partnered with the Mexican bank to issue a customized debit card that helps the riders to make payment using the mobile banking app. By launching the MasterCard debit card, the car sharing company aims to attract more Mexican customers to its business. Bankaool is the leader in the electronic payment industry and the first online bank to launch the Uber Bankaool Debit card. The new debit card is available for the users since October 21st and this is the first card payment system launched in Latin America by the technology company.

The CEO of the Mexican Bank, Bankaool- Francisco Mere said that this new idea reflects the idea of how the open technology with the Fintechs can work in hand with the technology companies, allowing bringing disruptive and innovative solutions in the growing market. He also said that the people those who wish to apply for the new Uber card can login to the official webpage of the bank (). Laura Cruz Urquiza is the Vice President of the MasterCard.

Commercial said that they can offer new and advanced products to the cardholders and provide a secured, swift and convenient transaction process using the e-payment only when they partner with technology companies and financial sectors.

The Business Development and Marketing Officer of the Chief Digital bank, Juan Carlos Espinosa informed that the users can use the tag #TuTarjetaUberParaTodo (#YourUberCardForEverything) in the stores, movie theaters, and restaurants, and in the mobile apps and ecommerce where the MasterCard is accepted. The card can be used in Mexico and in other countries; they can also withdraw the amount directly for the ATMs. By applying for the card, the users are able to create an account in the bank with any initial deposit of two hundred dollars and avail the investment and saving products. Apart from these benefits, the users of the Uber card can get up to one hundred dollar for the first ride using the app, they can also use the Mobile banking and internet banking of the Mexican bank, e- access to the statements and balance, they can transfer an unlimited amount to Interbank transfers (SPEI) without any charges, the charges for any two withdrawals in the any ATMs is refunded and the service is accepted by many ecommerce and physical retailers.

The new debit card must have a monthly deposit of $15,000 and all the Mexican users can proceed through the official page of the bank.

The partnership between both the ridesharing company and the bank is a win for both the companies because the users can access the card in any place where the MasterCard is accepted and the card is linked to the bank deposit account. The partnership with a global brand like Uber increases the customer base of the bank as many users will open a new bank account and access the card payment system. This is also a golden opportunity for the company because the online transaction is very rare in Mexico.

The Mexican banking institution

Bankaool was earlier called Agrofinanzas, and it was started in 2006 as a Finance corporation with the Limited Purpose (SOFOL). Later in 2012 the CNBV (Comision Nacional Bancaria y de Valores) authorized and transformed the Bankaool to the multiple banking institution. The main aim of the bank was to offer the users with the deposit, investment and savings account and expand its business model. The name Bankaool is derived from the Mayan word k’aool (which means to recognize or know) and the logo is a symbol of included circles that resembles the confidence, integrated values of simplicity, convenience, movement and innovation.

This is the first SOFOL agribusiness bank to be placed in the BMV (Mexican Stock Exchange) for three hundred and fifty Mexican pesos and it also placed a subordinated bond in NYC and it issued two hundred million dollar Mexican pesos in 2012 with a short term bond on the stock Exchange.

Bankaool team: The former Director of the Trust Funds of Agriculture (FIRA), Mere Francisco Palafox is the Director General of Bankaool and he is the Director of the bank since 2008. He is a lawyer from the Free School of Law and has a double degree from the School of International and Public Affairs of Columbia in NY. His goal is to make use of the technology to improve the customer experience in the banking and financial sector. There are about one hundred and ten people working under the banking team that includes the governing bodies.

The corporate office of the bank is located in Santa Fe Mexico City and provides services in twenty six states in the Mexican Republic. It also has its promotional representations in Sinaloa, Baja California, Aguascalientes, Sonora, Guanajuato, Jalisco, Chihuahua and Puebla.

Business model: The business model of the bank is based on the companies that act as the credit brokers and provides the credit. The IFC (International Finance Corporation) joins with the bank to strengthen its capital and to improve and upgrade the environmental and social standards of the bank. The IFC has invested twenty two million dollars in Bankaool.

The bank is the largest bank to offer loans in the agriculture sector and has provided 120,000 loans. And 80% of the portfolio of the bank is integrated by the users and they have not received any credits from the financial organizations. This is the first bank to offer the online credits less than three million Mexican pesos to SME.

Steps to get the Uber Bankaool debit card

  1. The user must login to webpage.
  2. The webpage asks for the personal details of the card holder like the name, address, occupation and etc. The users must keep in mind that the card is available only in Mexico.
  3. Two hundred Mexican dollars must be deposited in the account as the initial payment and this amount can be used by the account holder.
  4. Within five to ten business days, the users will receive the sleek black Uber Bankaool debit card directly to the address mentioned in the form.

Advantages of the new debit card

  • The users can access to the best available banking investment rates.
  • They can have online access to the movements, balances and statements of the account.
  • The users can receive a refund of the commission if they have made two withdrawals from any ATMs.
  • The new users of the ridesharing app can get a free trip up to $100.
  • The unlimited SPEI (Interbank transfers) can be made with no commission fee.
  • The debit card is accepted in all the ecommerce and retail stores and the users can access the mobile banking and internet banking of Bankaool.

Image of business technique to attract the Mexican riders, UberCard, Uber ride, Uber branded card payments, riders to make payment using the mobile banking app, Uber Bankaool Debit card, CEO of the Mexican Bank, Bankaool- Francisco Mere, #TuTarjetaUberParaTodo, #YourUberCardForEverything

About Author:

Anand Rajendran is the Co-founder & CEO of Casperon. He is a content marketing and social media marketing Specialist. He covers many things like ecommerce, marketing, design, development, strategy, plus emerging trends, including omnichannel and cloud replatforming. is a Taxi Dispatch Software developed by Company called Casperon Technologies.

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