From its headquarters in Buenos Aires, fintech Ualá has introduced its no-fee credit card offering for its customers in Argentina.
The firm has so far seen backing from inventors such as George Soros, Steve Cohen and Tencent Holdings, and revealed plans to leverage this support as it continues to grow across Argentina, according to Bloomberg.
Ualá’s credit card service has already proved successful with customers across the Mexican market, with Bloomberg reporting that the company has seen ‘hundreds of thousands’ of new signees every month.
Now targeting Argentina, Ualá’s Mastercard-operated credit card will look to copy its success in other regions, delivering instant push notifications on mobile that allows for the real-time tracking of exchange rates when purchasing abroad or from foreign online retailers.
Amid a loose economic and political situation in Argentina, with the country’s newly-elect president Javier Milei swearing in to address all of the pressing issues, Bloomberg further reported that Ualá remains positive of its success in the country.
The firm’s CEO, Pierpaolo Barbieri, is expecting “millions” of registrations for the new credit card, Bloomberg further said.
As of now, 60% of Argentina’s population has no credit cards, which Ualá will look to tap into.