Mexican consumers have a new way to pay for their rides. Transportation behemoth Uber has partnered with MasterCard and Mexico’s first online bank, Bankaool, to launch UberCard. This debit card will only be available in Mexico.
Linked to a bank account provided by Bankaool, UberCard can be used anywhere MasterCard is accepted. Additionally, this new payment option gives more consumers in Mexico access to Uber’s services. Most of the country’s debit card providers do not allow online payments, which Uber primarily relies on.
For financial institutions looking to enhance their debit programs, UberCard offers a few key lessons.
- Offer a use incentive. Consumers who sign up for UberCard receive a free Uber ride up to $100. This value-add feature serves as encouragement to get consumers to pay with their new debit card and keep paying with it.
- Make card use flexible. By not limiting consumer payments to the Uber app, UberCard extends its potential for top-of-wallet status to other in-store and online purchases.
- Fulfill a need. With so few card issuers in Mexico enabling online payment capabilities, consumers faced a challenge when they went to pay for their Uber rides.
- Take advantage of collaboration. Partnering with Uber lets Bankaool piggy back off of the ride-sharing company’s success. Likewise, Uber gets access to a wider range of consumers.