The Competition to Conquer Salary Collection Reaches the Fintech Sector

Uala, the fintech company created by Pierpaolo Barbieri, launched itself fully into conquering salary collection in its ecosystem. Through Uilo, the digital bank that it acquired in 2022, it has now announced that anyone will be able to collect their salary in the savings account of that platform.

To support its value offer, those who choose to collect their salary in a Uilo account will be able to access benefits valued up to $168,000 annually in refunds for payments for services, recharges, purchases in supermarkets and fast food and bars, among others.

Since the approval of Uilo’s banking license, which Uala bought from Wilobank, the digital bank created by Eduardo Eurnekian and chaired by the current Minister of the Interior, Guillermo Francos, the issuance of credit cards and the possibility of to establish fixed terms.

Now, in addition to the proposal to collect salaries, Uala presented another initiative, called “Bring your money.” This is a proposal to commit regular deposits of funds from any account to the Uilo savings bank.

The key is in the pull transfer system, which allows funds to be moved between different banks after enrollment on the platform.

“We want to facilitate employees, monotributistas, workers who for various reasons do not want or cannot change the filing of their payments, but who can count on the benefits as if they had their salary,” explained Romina Simonelli, Chief Payments Officer of Uala.

To access this program, you must transfer a minimum of $150,000 on a recurring and automatic basis on a specific date to a savings bank that was opened in Uilo.

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Recurring benefits of Uala’s new tool

In this way, Uilo aims to stimulate the generation of credit scoring that allows the user to progressively access financing but also to preferential rates on term loans. These minimum funds may be integrated with automatic transfers from different banks or virtual wallets, that is, from CBU or CVU accounts.

These funds can be applied separately and in differentiated operations, although without leaving the platform, to investments through Ualintec Capital, the Alyc of Ualá , to the digital wallet with original benefits.

Those who transfer the receipt of their salaries to Uilo savings accounts will also have a Mastercard credit card issued by Ualá and Uilo. For those who carry their money in the “Bring your money” program, the card’s quota will be built based on the score they achieve, according to the deposits.

Fintech competition

With today’s announcement, Uala also aims to fight in a de facto modality in the financial system led by Mercado Pago and in which Barbieri’s fintech emerged, consisting of users transferring funds from bank accounts for investment in paid accounts. where platforms have burst in in recent years.

These are accounts that have behind them a common investment fund (FCI) of “t+0”, that is, immediate liquidity, but which had been providing, until last December, profits close to that of inflation.

Systems

Now, helped by the pull transfer system , which was launched six months ago and will be mandatory for the financial system in April, Uala will not only continue to make available remunerated investment in Ualintec but also the possibility that, through Uilo, fixed terms can be established.

Uilo, available within the Uala application, offers a savings account in pesos with no opening or maintenance cost. In five months of Uilo’s operation in the market, more than 650 thousand people decided to open their account.

To transfer the payroll to the Uala ecosystem, you only have to declare to your employer the CBU (Uniform Bank Code) of your savings account in Uilo.

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(Featured image by QuinceCreative via Pixabay)

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First published in El Cronista. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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