Fintech Flux wants to help small businesses and freelancers in Mexico survive Covid-19

Contxto – Fintech Flux is preparing for e-wallets and QR code payments to take off in Mexico. However, it’s well-aware that many businesses and freelancers are cash-strapped with the current coronavirus (Covid-19) pandemic. But rather than sit by and watch, it’s taking matters into its own hands.

To help businesses and freelancers stay afloat, the startup partnered with online platforms Bonnuscard, Moneypool, and Cuando Volvamos. Together, they’re offering shops and professionals in Mexico a place and payment system to dish out pre-paid digital gift cards.

How Flux and online platforms can help SMEs

To start offering these digital pre-paid cards, a user must register their business on any of the following platforms: 

• Bonnuscard: for businesses
• Moneypool: for individuals 
• Cuando Volvamos: for businesses 

Then, they let their customers know so they can start acquiring these digital gift cards. The buyer will receive a QR code, confirming their purchase through Flux. 

Meanwhile, the fintech’s system registers these sales and the vendor can monitor them. Once the business is reopened, the earnings are added onto the user’s account through the startup’s app.

Max Echeverría, Flux’s co-Founder, told Contxto that this service is available at no charge to businesses for the duration of government-mandated sanitary measures. After which, this feature will remain available but with a transaction fee.

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Flux flexes its QR code muscles in Mexico

QR codes offer a cool and quick way of completing payment transactions. 

But there are merchants who may be reluctant to adopt QR codes because it may convey adapting software or tweaking with POS terminals. Or, just overall tech skepticism.

To that end, Flux offers a plug and play scanner or a standalone terminal to accept QR code payments via mobile wallets. Entrepreneurs Max Echeverría and Fernando de la Torre launched their startup in 2018. The following year, the fintech was part of Y Combinator’s Summer 2019 Batch.

• Related article: 10 lessons for fintech in a post-Covid world

Coronavirus (Covid-19) is pushing users to embrace cash-free solutions. As a result, there’s no doubt we’ll be seeing more adoption of e-wallets in the very near future. Likewise, this Mexican fintech is preparing.

“Flux will focus on helping businesses get ready to accept contactless payments and offer better purchasing experiences for their customers, thus improving their operations and [lowering] their costs,” concluded Echeverría.

Related articles: Tech and startups from Mexico!

-ML