Ualá’s solution, called Cuotas, is somewhat different from the usual ones. Customers can choose a payment they have already made, split it into up to 5 parts and ask for one or more of those parts back. The more installments, the higher the interest incurred – the app even shows the final amount that the user will pay depending on the number of installments chosen. The app then asks customers to select the day they want to pay the money back (with interest).
The types of payments available for this modality, such as grocery purchases, are marked with a green circle in the app.
Ualá landed in Colombia a few days ago, its third market after Argentina and Mexico. As it expands across the region, the company is also testing products. Cuotas is a product that should be well accepted in the three countries, as the lack of access to credit is a challenge throughout Latin America.
Like many digital banks in Latin America, the company wants to drive financial inclusion through accessible, easy-to-use services. Ualá offers a free mobile application that allows users to open a digital account linked to an international Mastercard free-of-charge debit card. The fintech app is available to anyone over 18 years of age.
The first version of this story informed that Ualá had over 100,000 users of Cuotas. This information was wrong. The neobank has over 750,000 using the solution, and 100,000 were added last Friday alone.