Ride-hailing company, Uber, has partnered with Mexican fintech bank, Bankaool, and MasterCard to launch the first Uber-branded debit card in Latin America.
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The Uber Bankaool Debit Card, which links directly to a cardholder’s Bankaool account, is designed to provide an alternative form of payment for Uber customers in Mexico who do not possess a debit or credit card and do not have access to other ecommerce options. According to Francisco Mer\xe9, CEO of 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.”
Not just for Uber rides
Uber Bankaool cardholders are not limited to Uber transactions — they can use the debit card wherever MasterCard is accepted, including physical stores and ecommerce merchants.
Juan Carlos Espinosa — chief digital bank, business development and marketing officer of Bankaool — stated that the card “can be used to pay at movie theatres, 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.”
Additional cardholder benefits include the following:
- First Uber trip for free in the amount of up to 100 Mexican pesos ($4.72).
- Access to internet banking and Mobile Bankaool.
- Free and unlimited interbank transfers (SPEI).
- Ability to access bank statements and account balances online.
- Reimbursement of ATM fees for two cash withdrawals per month.
- Access to competitive banking investment rates.
Signing up for the Uber Bankaool card
Consumers in Mexico can obtain an Uber Bankaool Debit Card by applying for an account online. Once approved, he or she must make an initial deposit of MXN$200 into the account. The consumer will then receive the debit card in the mail within five to 10 business days.
The Uber Bankaool Debit Card, which carries a monthly deposit requirement of up to MXN$15,000, is currently available to Mexican customers through the Bankaool website and slated to launch in Mexican convenience stores in the near future.