Arcus, the platform making fintech possible for everyone, today announced the expansion of their Cash-to-Digital solution, helping to bring banking services to Latin America’s underbanked population. With 65,000 participating retailers, Arcus now provides the largest network of cash-in locations in Mexico. Arcus’ Cash-to-Digital solution digitizes cash and other local payment methods, allowing consumers to load their digital wallets and pay their bills with cash at any of the 65,000 participating network locations.
“We’re on a mission to make fintech possible for anyone, anywhere. More than 70 percent of Latin America is underbanked and we want to help change that. With our enhanced and expanded network, our Cash-to-Digital technology platform can help more people digitize their cash and directly benefit from fintech,” said Inigo Rumayor, CRO and cofounder, Arcus.
Arcus’ Cash-to-Digital solution digitizes cash and other local payment methods, enabling customers to use cash to pay their bills, load their digital wallets and pay for e-commerce solutions, such as streaming or rideshare services like Netflix or Uber, respectively. Using Arcus’ cardless payment platform, businesses and consumers can access the largest cash-to-digital network in Mexico at popular participating retail locations including 7-Eleven, Red Qiubo, Yastas, x24, FarmaCon, Casa Ley and more.
Arcus’ Money Transmitter License (MTL) enables the platform to provide the full stack of fintech services including payment services, identity verification, know your customer (KYC) capabilities, local licensing and regulation management, and settlement and reconciliation. Customers can access the capabilities they need via the Arcus API, SDK or customizable front-end. They can then plug into the ArcusPay Network and provide a payment or commerce experience unique to the local market in which they are operating.
“In Mexico, cash accounts for an estimated 90 percent of consumer transactions. These people need a way to access digital payments, fintech solutions and banking services in ways that work for them. Arcus’ Cash-to-Digital solution gives both businesses and consumers a better way to manage their financial needs,” said Edrizio De La Cruz, CEO and cofounder, Arcus.
Arcus is the leading platform making fintech possible for everyone. Arcus’ fintech-as-a-service platform helps any business launch a fintech business. The world’s largest and most innovative companies choose Arcus to launch fintech products across the Americas including BBVA, Santander, Walmart, 7-Eleven and Rappi. The company is based in New York City and has raised $13M from Y-Combinator, Ignia, Maverick, Winklevoss, Initialized, HOF and Kapor. For more information, please visit https://www.arcusfi.com/.