Fintech Ohana to launch e-wallet in Argentina

Contxto – As the Lilo and Stitch film taught us way, back, ohana means “family” in Hawaiian. And it’s also the name of Argentine fintech “Ohana.”

In a press release, the startup said its first product, an e-wallet, will allow users to pay services, taxes, send funds, as well as make QR payments—all at no cost. The only catch is it’s not been released in Argentina yet..

However, Ohana recently told Contxto that it expects to launch its e-wallet in August of this year. In the meantime, users can register on the startup’s website to get the latest updates and news.

Of course, developing these types of products requires money. But the fintech’s co-Founders, Leonel Camsen and Mariela Rerdanoski, already have that front covered.

Ohana closed an equity round for an undisclosed amount in December of last year. The fintech used these funds to bring together its team and is currently working on developping its e-wallet.

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Fintech time in Argentina

Ohana’s arrival comes a time where users in Argentina (and across the globe for that matter) are relying on applications to move money around.

According to a 2019 survey by the National Institute of Statistcs and Census (INDEC) of Argentina, 69 percent of all consumer-related transactions were carried out in cash. Moreover, online shopping only accounted for 3.5 percent of consumers’ spending.

Although one can expect very different results next time the INDEC carries out its survey.

The coronavirus pandemic has put online solutions on the fast-track for adoption. Within that context, electronic transactions and e-commerce volumes will rise significantly in subsequent years. Perhaps not with the same intensity, but still, these services and products are here to stay.

Mahalo, Covid-19.