Uber rides into Mexico debit card arena
Hola
Uber has teamed up with MasterCard and Mexico’s first online bank, Bankaool, to launch its own debit card.
The latest deal is Uber’s ride deeper into the fintech space. It recently partnered with Standard Chartered to offer the bank’s credit cardholders cashbacks on Uber rides.
The UberCard in Mexico is linked to a Bankaool bank account and customers who get the card will get their first Uber ride for free, but with a value up to $100. The debit card can be used anywhere that accepts MasterCard, and is not limited to just Uber.
Uber launched in Mexico in 2013 and now has a presence in 31 cities. For Uber, the deal gives it access to Bankaool’s tech and a new market. The cards are also branded with Uber’s logo – a handy form of advertising.
For Bankaool, the alliance gives it prestige from the Uber association; and it should benefit from Uber’s massive reach and marketing clout.
Once upon a time in Mexico
According to Bankaool’s website it was founded in 2006 as Agrofinanzas, a firm focused on providing financing to farmers and food businesses.
In 2012 it became a “multiple banking institution” – authorised by the National Banking and Securities Commission (CNBV) – and started operations as a bank in December 2012. In 2014, it changed its name to Bankaool and launched its digital platform.
