Aiming to enhanceits international footprint and to provide end-to-end digital solutions to theusers, OBOPAY, the global mobile payment solutions company, recently announced a strategic deal with GoRed– a leading fintech firm based in Mexico. Expanding its fintechservices 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 Evolysplatform 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.”
He further added, “Present in four out of top fivemobile money markets across the globe and having powered over eleven percent of global mobile money transactions with zero fraud cases,OBOPAY has carved an immensely successful growth story for itself in the past few years. Taking the success quotient further, this tie-up with GoRed is in sync with OBOPAY’s global expansion planswhich will strengthen its presence in an important geography such as Latin America.”
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 & 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”
He further mentioned, “The rural / urban informal population wants to be come under the formal economy, increase their standard of living & education, have better infrastructure and reduce the socio-psychological barriers. There is high political will & support for such shifts”.
None of the existing Fintech companies in Mexico delivers the services provided by OBOPAY under the deal. Ever since the inception of “GoRed” in 2016, the company has built over a few thousand direct agent locations “mom & pop stores” through a selection process across several states. These act as micro ATMs and payment centers.
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. Current Fintech companies present in the region either offer top ups & 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.
Post utilizing OBOPAY’s services, Go Red, will be the first in the region to provide end to end solution from bill pay services, micropayments, P2P, Cash in, Cash Out, remittance, card acceptance, NFC payment capability etc.