By ET Bureau - December 03, 2019 2 Mins Read
“ToditoCash”, 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 costs.
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.
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