How they describe themselves: It is a payment system that provides a secure, chip-based debit card, a card reader that connects to any smartphone or tablet, and an app for managing transactions. Sr. Pago enables individuals and small businesses to have access to banking related services without having to formally enter the regulated banking system in Mexico. While it is available to consumers and small businesses in Mexico with traditional bank accounts, it sees the greatest opportunity for impacting the “unbanked” population in Mexico. The unbanked segment comprises approximately 70% of the population.
How they describe their product/innovation: With Sr. Pago, small businesses and individuals can both accept card payment for services they render and then have that money loaded onto a card that can be used anywhere MasterCard is accepted. It seeks to provide a secure ecosystem for a population that has been subjected to the high fees associated with check cashing, the inconveniences of using convenience stores to perform basic banking functions, and the security risks of carrying cash for everyday transactions.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)
Press: Ashley Waters, Account Executive, firstname.lastname@example.org