Sr. Pago is bringing Spuare-like payments to Mexico’s “unbanked” citizens

It’s often hard for Americans to appreciate just how limited access to financial services can be elsewhere in the world. In Mexico, for example, some 60 percent of the population (approximately 75 million people) would be considered unbanked. Shockingly, however, smartphone penetration in many of these emerging markets is as high or higher than in the developed world. This fact presents an opportunity to address the banking problem in ways that were never possible. Mexico City-based SrPago, which has been in the ecommerce business for four years, is now taking the banking market head on with its hybrid reloadable credit card and mobile card reader platform. After launching its mobile point of sale (mPOS) solution in Q4, the company is already the second-largest mPOS provider in Mexico with 3,000 customers and $700,000 in monthly transaction volume.