Mobi724 (TSXV:MOS), payments and rewards fintech, announced that it has entered a four year agreement with Up Si Vale, an employee benefits company based in Mexico. Up Si Vale provides payment cards where employee benefits can be processed, covering 5 million customers with 86 million transactions processed annually.
As quoted in the press release:
Under the agreement, Mobi724 will enable and process reward transactions within Up Sí Vale’s ecosystem. This will empower merchants, which include national and international blue-chip brands, to deliver personalized and relevant offers directly to Up Sí Vale cardholders. The cardholders will be able to redeem cash-back offers directly at the point-of-sale of participating merchants, both online and in-store. Revenues from this agreement are to be generated on per-transaction basis.
Gerardo Yepez, General Manager of Up Sí Vale said: “There is great synergy between the two companies. Mobi724’s solutions enable us to leverage the purchasing power of our cardholders to our targeted merchants’ network. This is aligned with our desire to use innovation in order to improve the quality of life of our cardholders. We are excited to partner with a market leading and innovative company.”