Montreal, Quebec--(Newsfile Corp. - May 18, 2021) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, announces that its wholly owned subsidiary, Mobi724 Smart Transactions Mexico S.A. de C.V. ("Mobi724 Mexico"), has entered into a commercial agreement ("Agreement") with Promoción y Operación S.A. de C.V. ("Prosa"), a leading payment solutions provider & domestic payments network in Mexico, with an objective to offer Mobi724's card-linked offers & rewards platform ("Platform") to Prosa's clients - payment card issuers & merchants.
Mobi724 and Prosa believe that the deployment of the Company's Platform across Mexico will generate incremental transactions & drive sales for Prosa's clients thereby generating revenue & value for stakeholders.
Prosa handles over 4.7 billion transactions annually, which accounts for more than 60% of the Mexican market and which makes Prosa one of the top 10 processors in the world.
The Agreement will focus initially on Mobi724 Mexico being provided with real-time visibility on qualified credit, debit & prepaid card transactions processed by Prosa ("Transactions") at physical points of sale, e-commerce portals and ATMs ("Locations"). This includes Transactions from major global payment card brands issued by Mexican and foreign banks as well as by Carnet, a proprietary brand of Prosa. Carnet allows financial institutions to issue credit, debit, prepaid cards, and financial vouchers.
Mobi724 Mexico will leverage the real-time visibility on Transactions to generate revenues by offering its Platform to payment card-issuers such as banks, neo-banks, card-issuing retailers ("Issuers") and merchants in Mexico. Mobi724 Mexico will enable Issuers & merchants to generate incremental revenues by monetizing consumer purchase history and by providing cardholders with individually relevant and valuable card-linked offers at the opportune time.
Issuers, wishing to access the Platform, will be able to offer their cardholders Mobi724's complete portfolio of solutions, such as cash back, pay with points, pay with installments and others, with the objective of generating an incremental growth in the volume and frequency of digital transactions and to increase cardholder engagement & loyalty. Their cardholders will have the opportunity to redeem personalized card-linked offers & rewards enabled by Mobi724 Mexico at all Locations where Prosa processes the transactions.
The collaboration will focus on offering new and compelling consumer incentives and will comply with all applicable data protection and privacy laws in Mexico.
Jeok Cruz, Director General Adjunto Sales y Mercadotecnia of Prosa said: "One of our corporate strategic objectives is to take Prosa to the next level of innovation as a mean of promoting digital payments and financial inclusion. Mobi724 helps us achieve this objective by aiming to generate more added value in everyday digital transactions, making digital payments more attractive for Mexicans, and creating new revenue opportunities for issuers & merchants."
Marcel Vienneau, CEO of Mobi724 said: "This Agreement is a very important milestone on the pathway to commercializing Mobi724's Platform and expanding our cross-border capabilities. Mexico is a country with over 150 million payment cards with a corresponding digital spend in excess of US$100B annually; yet nearly 80% of transactions are still carried out in cash. Prosa is the leader in a market that offers a massive upside for organic digital growth. We're proud and excited to align our goals with Prosa and to expand our operations in Mexico."
About Promoción y Operación S.A. de C.V. ("Prosa") and Carnet
Prosa processes more than 4.7 billion transactions annually at point of sale, ATMs, mobile devices and online, making Prosa one of the top 10 processors in the world. Prosa has been a strategic player to promote the development of financial and non-financial institutions in the payments industry in Mexico, as well as the other seven countries in Latin America where it has presence. Prosa offers services and solutions of the highest world-class standards, which are accredited through certifications and recognitions that have been obtained throughout the past fifty years.
Prosa, through its brand Carnet, allows financial institutions that issue cards (credit, debit, vouchers, e-wallets, among others), access to the entire network of electronic transactions. These include point of sale terminals, ATMs, web commerce portals, among others. Carnet also gives simple and low-cost solutions that promote financial inclusion in Mexico in compliance with the regulation established by "Banco de México" and "La Comisión Nacional Bancaria y de Valores."
For more information, visit www.prosamexico.mx
About Mobi724 Global Solutions Inc.
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
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Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR.
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Investor Relations:
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com
Eli Rozhansky, Investor Relations Coordinator
Mobi724 Global Solutions Inc. T: 514-394-5200 ir@mobi724.com
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