Mexico has a highly unbanked population who faces several challenges such as high-usage & reliance on cash for payments and high fees for cross border transfers (Mexican Citizens residing in the US and Canada sending support to families back in Mexico). An estimated 42 million consumers are unable to access classic banking solutions.
BlocPal has created a custom digital wallet enabling payments for airtime, utilities, and financial services, including pre-paid debit / credit cards, P2P transfers, cross border payments (ex. US –Mexico), insurance and micro-loans. We have developed a merchant retail network to engage directly with local consumers.
Creating "Tortooga Pay" as a digital solution provides easier and more convenient payment options and creates an opportunity to integrate third party applications, giving everyone access to financial technologies without having to pay high fees.
Tortooga Pay is just the first step towards driving greater financial inclusion in Mexico. We will continue to offer more products and services, including a pre-paid Mastercard that will increase the purchasing power of unbanked consumers. Furthermore, BlocPal and GMM will continue to make investments in expanding their retail footprint with a goal of hitting 150,000 retailers by the end of 2023. Lastly, we will build upon our strong retail solution to deliver a meaningful consumer solution that will enable services like money transfer, deposit and withdrawal for services etc.
Grupo Movil Mexico is excited about integrating BlocPal's platform with its new venture, Tortooga, whose goal is to provide GMM's customers with a digital suite of financial and payment services. BlocPal's solution is a big step forward in this process