OBOPAY expands its Fintech services to Latin America
OBOPAY has entered into a strategic deal with GoRed, in Mexico. Expanding its fintech services for the first time ever to Latin America and to become a transaction switch for the region, OBOPAY will provide its “Evolys” payment platform to “GoRed”. As a part of the agreement, OBOPAY will manage end-to-end digital payment solutions for “GoRed”, including bill pay services, micropayments, P2P, cash in, cash out, remittance, card acceptance, NFC payment capability, etc.
“GoRed” is a Fintech company based in Mexico that offers products and services through a network of affiliated merchants and interconnected users in a digital ecosystem. Under the deal, OBOPAY’s Evolys platform will handle large transaction volume requirements of GoRed to help the company in achieving better cost-to-service ratios.
Speaking about the partnership, Shailendra Naidu, CEO of OBOPAY, said, “We are happy to partner with GoRed and join them in their quest to provide world class mobile financial solutions to their customers across Mexico. Our technical expertise and GoRed’s understanding of the market would help us together build products and solutions that would bring about measurable and sustainable difference to their customers.”
Indu Das, CEO, Go Red, said, “97% of adults in Mexico now have mobile access, while 77 million have access to the financial system, yet only 56% use financial products. This gives a dimension of gap if we could maximize technology and mobile wallet solution for correspondent network and end users. I do not think an inclusion strategy that solely focuses on opening bank accounts or giving credit can succeed in an environment where there are cultural barriers and mistrust in institutions. The game has to be much bigger.”
Mexico is one of the strategic markets with a population of 112.8 million according to the World Bank, of which approximately 60% is under the age of 25. The current Fintech companies present in the region either offer top-ups and bill pay or/and are just aggregators and no single company has been able to cover all the payment solution needs. Considering such scenario, OBOPAY is aptly leveraging its payment platform to solve some of the digital solution needs of enterprises operating in the area.