December 8, 2014
Miami-based startup YellowPepper announced today that they are rolling out a Smart Wallet in Latin America called Yepex. Yepex allows customers the ability to make online payments safer and fasters, by transforming smartphones into Smart Wallet. It will also allow users to pre-order at various venues and have access to reward programs.
Latin America turns out to be a very interesting market for mobile payment because a large portion of the population is still unbaked, but with a growing number of smartphone users (145.6 million this year). YellowPepper previously launched a SMS banking platform that was quickly adopted in the region. The move to smartphones to create a “Smart Wallet” can be considered a natural move.
“With the growing adoption of mobile banking solutions combined with the ever-increasing number of smartphone users in the region, the Latin American market is ripe for innovation including mobile payments,” said Serge Elkiner co-founder and CEO of YellowPepper. “Our mission is to revolutionize the payments experience for consumers in Latin America, and we’re thrilled to be working alongside our partners to bring Yepex to the masses.”
Yepex differentiates itself from similar services through tokenization. By using a token system, it does not require merchants or customers to have portals with NFC technology on their smartphone devices to adopt mobile payments. Customers can still reap the benefits and safety of mobile payments through the use of this service.
Their initial launch will be in Mexico, where YellowPepper has partnered with Eglobal, the country’s largest electronic payment processor and Colombia to follow. YellowPepper has an ongoing partnership with CredibanCo, one of the largest payment networks in Colombia, and, together, will be launching Yepex in the country by December 8th.
“YellowPepper has consistently delivered mobile financial solutions based on secure, advanced technology and Yepex is a testament to our joint commitment to offering Colombians the safest banking and payment solutions out there,” added Gustavo Leaño, President of CredibanCo.
YellowPepper currently enables over five million customers to execute over 30 million transactions per month, and these numbers continue to rise.
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