According wala adapts to the Mexican market, it also begins to increase its offer of products and services. Now, this firm of Argentine origin enters the microenterprise segment in Mexico, with a new unit (Ouala Bis), focused on offering solutions for digital paymentas well as face-to-face with your portable terminal.
in interview Maia Eliscovitchdirector of Ouala Biscommented that, with this new unit, the firm expands its offer, which was focused on a Debit and an application for managing expenses, but now it has a new business aspect to support entrepreneurs who require collection solutions in their operations.
“In Mexico, as in other Latin American markets, there is a high penetration of cell phones, but not so much of financial services. So we see that from pandemic many more people are willing to buy and sell online, which expands their markets and possibilities,” Eliscovich said.
With Ouala Biswhich will work in a different application, users will have options to collect if they sell online, via a payment link, and in person, the firm will offer a portable card reader (debit or credit) that only requires connect to the bluetooth of the entrepreneur’s cell phone and thus receive payments instantly.
“Our peculiarity is that all sales are disbursed live, that is, as soon as the payment enters, the user will receive the money from the approved sale at any bank they choose,” explained the director of Ualá Bis.
Opportunities and challenges
In Argentina, Ualá Bis began in December 2020 and since its implementation in that country, the business unit grew more than 64 times in volume. In Mexicoexpectations are high, according to Eliscovich, since there is a need to digitize collections and more so in a segment such as microentrepreneurs, in addition to the fact that said strategy helps combat the use of cash.
“Mexico has a great ecosystem of aggregators, there is excellent competition, but we think that our greatest enemy is cash, because many of the sales are still made in cash, for which it is preferred to pay in most transactions, so we see that the cake is enlarged digital payments Y online payments“, limited the directive.
According to Eliscovich the differentiator of Ouala Bisregarding the existing market offers, it will be the immediate disbursement, that is, the microentrepreneur will be able to receive his money instantly, which, according to his experience in Argentinamakes the product very attractive.
“We work with a value proposition that is cheaper than the competition, with a proposal for months without interest, that accepts the largest number of cards, with immediate disbursement, and that is where there is a great opportunity to continue fighting against cash,” Eliscovich pointed out. .
Ualá Bis will have an offer where it will charge a 3% commission for any operation, while the reader will cost 339 pesos, in addition to developing a web portal to serve users of this unit.
In Argentina54% of Ualá Bis users are women, so she hopes that Mexico will have a similar behavior and serve more micro-entrepreneurs and thus help improve their business.
With this, the firm’s offer is enlarged. In November 2021, the firm announced the acquisition of ABC Capital bank and last January, it began opening accounts on behalf of the banking entity to formalize a single business unit.
Eliscovich highlighted that the firm’s mission in Mexico is to be an ecosystem of financial services and make life easier for its users. “Uala Bis has been doing the same thing that Ualá had been doing, but on the side of businesses and entrepreneurs, so we want to give all the necessary tools to that business so that it can be managed in the best way.”