MONTERREY, Mexico, Nov. 21, 2019 /PRNewswire/ -- "Todito Cash", (Todito Pagos, S.A. de C.V.) A "Non-bank wallet", and Mexico's leading payment processing FINTECH company, announced at a mobile payment conference today, that after its presence at the MONEY / USA 2020 show in Las Vegas Nevada, it has signed agreements with four financial payment solutions companies.
Ricardo Dávila (CEO) said, "Our stand and presence at the show has provided us with a very clear view of how dynamic this new industry is. We are happy to see that no other APP in the show was as fast and had as big a network of associated retail points of contact as we do". Mr. Davila referred that it has direct electronic contact with over 20,000 retail outlets in Mexico.
"Todito Cash" has agreed to payments with retail and convenience stores such as "Seven Eleven". It has also arranged with large format merchandisers such as "Chedraui", a leading hypermarket player, to accept Todito payments. Through these agreements Todito users can purchase goods, deposit money or withdraw funds, without transaction fees.
"Todito Cash" is the largest Non-Bank Wallet service in México. With almost a million downloads it has become the fastest growing and most competitive Fintech company in the burgeoning mobile payment business.
Mexico has over 75 million smartphone users with a large unbanked portion. Recent bank association estimates from the "Asociación Mexicana de Bancos", (AMB) consider that well over 42 million people do not have access to banking services, and more than 95% of the population use cash as the primary means of payments. Over 93% still pay utilities services with cash and more than 90% and 91% respectively pay rent and cable services with cash. "This is a great opportunity for Todito Cash, the market is wide open for us and there is no one other than us who can claim to have as many "Cash in" and "Cash out" agreements with as many locations countrywide". Said Mr. Dávila.
Guillermo Garza, (CFO) added that Todito Cash is going well and has reached a "break-even" point but will probably require additional funding as it expands its customer acquisition. "We will likely require more capital investment in the near future as we are to start a strong marketing campaign. We plan to acquire over 10 million subscribers in the next few months". Said Mr. Garza at the conference.
"Todito Cash" is Mexico's leading Fintech APP payment processor. It has reached agreements and connected its electronic systems directly with dozens of retail chains which together account for more than 20,000 customer contact points nationwide. Through these outlets its users can deposit or retrieve cash, send payments at no cost and purchase goods and services. Through its APP, Todito Cash users can pay: utilities, cable services, internet gaming providers, sports books, goods and services from online & retail providers at no transaction cost. Todito Cash users can send funds to each other with zero commissions involved. The company has become contender in the payment and money transfer business that today is dominated by few store chain giants.
SOURCE Todito Cash