MONTERREY, Mexico, Dec. 2, 2019 /PRNewswire/ -- "ToditoCash", (Todito Pagos, S.A. de C.V.) A "Non-bank wallet", and Mexico's leading payment processing FINTECH company said it will no longer charge any fees to users.
Interviewed at this Monday's "COPA PROSA", a payment-industry gathering in México City, Ricardo Dávila (CEO) said: "Beginning now, our payment services application ToditoCash will no longer charge any commissions to users."
As of this month, all ToditoCash users can transfer money, top-up their mobile phones, pay utilities, cable services, landlines, internet gaming and many other products and services at zero transaction cost.
With more than 42 million people that have no access to financial services, new FINTECH companies such as ToditoCash are disrupting the lucrative payment business. Only 82 banks operate in Mexico, this has allowed steep service fees to generate over 55% of the banking industry's income. "It has always been the industry's cash cow. Poor customer service is rampant for businesses, but more so for individuals", added Mr. Dávila.
Many payment services in Mexico are made through large convenience-store chains such as "Oxxo", who operates over 18,000 stores. "Oxxo" has been the dominant payment player for years. That, however, is changing.
ToditoCash is among the few FINTECH's registered with the "Comisión Nacional Bancaria y de Valores", (CNBV) - Mexico's banking authority -.
These new technology solutions are challenging the payment business model with low cost alternatives. ToditoCash has the largest point of contact network with multiple retail, hypermart and convenience store chains that reach over 26,000 locations in Mexico.
The Mexican market has a wide opportunity for FINTECH companies. According to a statement early this year by (SCT) Mexico's telecommunications authority, less than 18.1% of the 70 million active smartphones have a financial APP service. That's only 8.3 million of the nations 126 million population.
"Todito Cash" is Mexico's leading Fintech APP payment processor. It has reached agreements and connected its electronic systems directly with dozens of retail chains which together account for more than 26,000 customer contact points nationwide. Through these outlets its users can deposit or retrieve cash, send payments at no cost and purchase goods and services. Through its APP, Todito Cash users pay: utilities, cable services, internet gaming providers, sports books, goods and services from online & retail providers at no transaction cost. Todito Cash users can send funds to each other with zero commissions involved. The company has become a contender in the payment and money transfer business that today is dominated by few store chain giants.
SOURCE Todito Cash
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Source: Company press release.