OBOPAY, the global mobile payment solutions company, recently announced a strategic deal with GoRed – a leading fintech firm based 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 and NFC payment capability.
“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, 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.”
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 and these act as micro ATMs and payment centers.