Uber Launches Its First Debit Card in Latin America, in Partnership with Bankaool
Uber announced the launch of Uber Bankaool Debit Card in partnership with Bankaool and Mastercard. This card offers an alternative way to pay for rides, using a mobile banking app.
Clients of Bankaool, the Mexican online bank, can use the Uber Bankaool card to pay for their ride among other uses.
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Uber Bankaool card, available since October 21, is the first debit card that the technology company launched in Latin America, offering users who do not have a credit card or whose debit card is not open for ecommerce a new payment method.
According to Francisco Meré, CEO, Bankaool, “This reflects how fintechs with an open IT architecture can work together with IT companies, bringing innovative and disruptive solutions to an increasing number of markets.”
Juan Carlos Espinosa, Chief Digital Bank, Business Development and Marketing Officer, said Uber Bankaool card can be used to pay at movie theaters, stores or restaurants, as well as ecommerce and mobile apps that accept Mastercard, both in Mexico and internationally, and even to withdraw cash at ATMs. The card is linked to a Bankaool account, which also offers savings and investment products.
The companies say there are other advantages of the Uber Bankaool card including: free first Uber ride (up to MXN$100 for new users of the app); accepted in physical retailers and ecommerce, Internet Banking and Mobile Bankaool; unlimited Interbank Transfers (SPEI) free of charge, and online access to account balances and statements, as well as monthly refunds of the fee on two cash withdrawals at any ATM.
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Uber Bankaool debit card requires a monthly deposit of up to MXN$15,000 and is available through bankaool.com for all Mexican users, and will be coming soon to convenience stores.