It is common knowledge that most Hispanics working in the United States have part of their families living in their country of origin or say where they ancestors decided to stay. Countries such as Mexico, where most Hispanics send money back home to their families has become a great deal for monetary banks to help these Hispanics transfer money, but sometimes at a high cost compared to the total money people actually send.
Entrepreneur Marco Montes saw this problem as a door for opportunity to help. As he said in a recent interview conducted by writer Chloe Hurt for Ripple, Mr. Montes says: "As a result, I decided to build a transparent, efficient, and simple service, one accompanied with financial education, to tackle this problem at the core, to disintermediate the bad guys, and empower those who need the most help.
He developed an application called Saldo.mx that people can download from Google Play app store. Anyone from the U.S. can send money to pay utilities bills back in Mexico. What is interesting about this application is that "There are already at least 500 people using Saldo.mx for cross-border utility payments. What’s truly exciting to me though is that many of our customers are using the platform for small transactions, such as 10 or 20 pesos. So they’re sending the equivalent about $1 USD. With the current system, those kinds of transactions simply aren't feasible." Mr. Montes explains.
The application works with several Mexican companies from where you can pay another's person bills, so people here can send money right away from their mobile device. People using the application can also check previous movements of their money and current money balance.
With all being said, this could be used as a good example for noticing how people in common and millennials are being and becoming more technology savvy and adapting this to needed activities of their daily lives, this, apart from the opportunity of new business.
CfHE | Carla Villaverde
Ripple | http://goo.gl/UlHAoD
SaldoMX | Saldo.mx
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