Contxto – Mexican fintech Enso is joining the card competition. This week it presented its debit card. And Enso’s partner for these pieces of plastic is none other than Mastercard.
Rafael de la Parra, its Co-founder and CEO, stated that the startup hopes to distribute 30,000 cards among users this year. Work is also underway to integrate their system with CoDi—an electronic payment system developed by the Mexican government.
In the future, the startup anticipates releasing other financial products such as a credit card. And by 2022, it hopes to be a fully-operating neobank.
Unhappy customers are a chance for fintechs
During the card’s presentation, the executive also discussed some results from a survey the fintech carried out. Apparently people are still sick of traditional banks.
“We know that 70 percent of those surveyed are unsatisfied with their financial services,” said Parra. “They pointed out to restrictive business hours, long lines and waiting times, as well as poor customer service, as the causes.”
Not exactly a groundbreaking discovery.
Nonetheless, it does suggest that there’s still room for fintechs, neobanks, challenger banks, and whatever else comes up, to confront these traditional banking institutions.
Like other fintechs we’ve previously explored, Enso offers an app for receiving and sending money. It also allows users to make purchases online as well as withdraw funds from ATMs with its card.
Physical cards as a bridge towards the digital
There is still some degree of mistrust towards these emerging fintech solutions.
So, one way to draw users in and win their trust is through a tangible card. That is—a symbol of the familiar banking world they know and loathe. Not to mention their practicality for accessing cash.
It’s also a key strategy towards introducing them to the usefulness of e-wallets.
But hey, you gotta start somewhere, right?
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-ML
