Sr. Pago Brings Banking to Mexico's 'Unbanked' Jim Probasco - Benzinga
go to original June 10, 2014

SrPago Card System Testimonials (Pablo Gonzalez Vargas)

First, Sr. Pago brought mobile point of sale (mPOS) to Mexico. Now, with the help of MasterCard, it plans to bring banking to the ‘unbanked.’

The Sr. Pago Card System, consisting of a smartphone-based chip credit card reader and reloadable MasterCard debit card, the first system of its kind in the Americas, launches this week in Mexico.

Sr. Pago CEO, Pablo Gonzalez Vargas, told Benzinga that the company has a clear vision: “To revolutionize the informal cash-based financial ecosystem that comprises much of the economy of Mexico.”

That ecosystem is reflected in a population that has become the 10th largest user of smartphones in the world and yet has what Sr. Pago calls a “Cash under the mattress culture.” More than 75 million people - about 60 percent of the population of Mexico - remain unbanked.

... The Sr. Pago payment system connects to any smartphone or tablet through an app that manages transactions. Unbanked individuals and small businesses can accept credit card payments with the system; the payments are then transferred to a linked MasterCard debit card.

The Sr. Pago card, Vargas said, will be offered at Best Buy and other large retailers throughout Mexico and online via the Sr. Pago website. It will cost $50 (US) with an initial swipe fee of 3.59 percent per transaction.

Read the rest at Benzinga

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