With the pandemic, many Argentines began to take advantage of the use of technology to carry out procedures without leaving their home.
In this context, the fintech -financial company that uses new technologies for activities of this type- Uala, had a great growth during the quarantine. The functionality of payment of services through the app increased by 300%.
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Besides being an app, Ualá is also a card Mastercard international prepaid that allows you to load credit and use it where and how you want.
In quarantine, they came to issue 2 millions of plastics that were shipped across the country.
“It sped up a little bit in the quarantine. We reached two million cards issued. It was something we had planned. We launched in October 2018 and we have been growing super strong. In addition to the issuance of the cards, we also saw how the use of the different functionalities of the app was increasing more and more, “he told Chain 3 Martín Bellocq, Marketing Manager.
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Using the app is very easy: the user must enter the Android or iOS store, download the app, fill out a record that involves scanning the ID and a photo.
The system then verifies that the data is correct and a card is sent to the person’s home.
“From that, you have to recharge the Mastercard to use it. That money can be used to buy with the card anywhere in the world and also one can use it for other functions, such as paying bills, making transfers, recharging the cell phone, investing in a common fund, etc. All for free “he added.
In turn, Ualá has a special functionality, aimed at teenagers which consists of the same Mastercard that must be authorized by the parents.
In addition, parents can decide what balance to charge and then control where the money was spent.
“For minors, you fill out an application and they have to be authorized by the parents. Help them start managing their finances. They can only spend the money that the parents charge them. There are no risks, “she said.
Report by Lucía González.