Sr. Pago launches new payment system for unbanked sector in Mexico

Sr. Pago, a mobile point of sale (mPOS) services in Mexico, has launched a new payment system that combines a smartphone chip credit card reader with a debit card that can be reloaded with payments accepted through the card reader.

Sr. Pago, a mobile point of sale (mPOS) services in Mexico, has launched a new payment system that combines a smartphone chip credit card reader with a debit card that can be reloaded with payments accepted through the card reader.

The company said that the platform is aimed at tapping individuals and small businesses in Mexico that have been underserved by existing banking services.

Sr. Pago CEO Pablo González Vargas said, "For a variety of reasons, people are either forced or choose to be ‘unbanked.’ At Sr. Pago, we are addressing this market and empowering individuals and small businesses to have banking related services without having a bank account."

The payment system provides a secure, chip-based debit card, a chip card reader that connects to any smartphone or tablet, and an app for managing transactions. It will process both traditional magnetic strip cards as well as secure chip-based cards.

Called Sr. Pago Card System, the new service is provided in conjunction with MasterCard and Te Creemos.

The Sr. Pago Card will be offered at Best Buy and other large retailers throughout Mexico as well as online via the Sr. Pago website.