Uber launches debit card in Mexico
Uber is launching its first debit card in Latin America, through a partnership with Mexican fintech bank Bankaool. Francisco Meré, CEO of Bankaool, said the development showed how open-architecture fintechs could work with IT companies to provide disruptive solutions for a variety of markets. The debit card can be used to pay at cinemas, restaurants and shops, as well as mobile apps that accept Mastercard, and also to withdraw money at ATMs. Card users receive their first Uber ride for free, up to MXN100 ($5.37).
On Friday, Uber and Mexican fintech bank Bankaool announced they have team up to launch Uber’s first ever debit card in Latin America. The online transportation network company revealed that the Uber Bankaool card has been available since October 21st and offers users who do not have a credit card an e-commerce new payment option.

Sharing more detail about the new debit card, Francisco Meré, CEO of Bankaool, explained:

“This reflects how Fintechs with an open IT architecture can work together with IT companies, bringing innovative and disruptive solutions to an increasing number of markets.”

Juan Carlos Espinosa, chief digital bank, business development, and marketing officer of Bankaool, also stated:

“#YourUberCardforEverything (#TuTarjetaUberParaTodo) can be used to pay at movie theaters, stores or restaurants, as well as ecommerce and mobile apps that accept Mastercard, both in Mexico and internationally, and even to withdraw cash at ATMs.”

Other Uber Bankaool card advantages include a free first Uber ride (up to MXN$100 for new users of the app), accepted in physical retailers and commerce, internet banking and mobile, free unlimited interbank transfer (SPEI), and online access to account balances and statements. Card holders will also receive monthly refunds of the fee on two cash withdrawals at ATMs. The bank card does require a monthly deposit of up to MXN$15,000.