July 3, 2019
BanQi mobile app and debit card
Airfox announced that it signed new partnership agreements with Mastercard Brazil, Cielo and Zurich Insurance, valued at a total of $77 million, which will provide additional benefits to its previously announced banQi challenger bank under an agreement with retailer Via Varejo, according to a company release.
The bank was developed with Via Varejo to expand financial inclusion to millions of underbanked consumers in Brazil.
Airfox said customers will be able to use the Mastercard prepaid cards to make in-store and online purchases as well as withdraw funds from local ATMs, according to the release.
"This strategic partnership with Airfox provides not only convenience and secure transactions, but also financial and digital inclusion for a portion of the population that doesn't have access to financial and digital services," Joao Pedro Paro Neto, president of South America and Brazil at Mastercard, said in the release.
The banQi platform integrates with more than 1.2 million POS Cielo point-of-sale terminals in Brazil merchant locations and also offers cashback on purchases made using Cielo QR codes.
Zurich Insurance provides lending, life, unemployment and mobile phone insurance to Via Varejo customers under a pre-existing agreement.
Photo courtesy of Airfox
Topics: In-App Payments, Mobile Apps, Mobile Banking, Mobile Payments, Region: Americas
Companies: Airfox, MasterCard
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