MIO, a Dominican fintech created to facilitate the implementation of electronic payments, and Visa signed an agreement to promote the expansion of digital payment acceptance in the country.
These are part of the services that MIO will offer in the Dominican Republic: a “super application” in which the world of acquiring and other financial services come together to provide a comprehensive solution to users for their payments and collections, in a 100% digital and mobile way.
MIO becomes the fourth acquirer with active operation of affiliation of merchants and entrepreneurs or business owners in the country, promoting accessible solutions for collections and card payments, focused on reaching the segment of micro, small and medium enterprises.
MIO invests in technological innovation to expand the acceptance of digital payments. It does so with simple digital processes and easy tools promoting access to these solutions by micro, small and medium enterprises, which is still scarce, driving the migration of cash and contributing to the access of financial tools that help greater inclusion.
“We are not a bank, we are a new category, a platform that combines the acceptance of digital payments with other financial services linked to payments, offering an easy customer experience, focused on people, contributing to the access of financial tools and promoting inclusion in the country. We are aware that this is a huge challenge, so we propose a different service, closer, friendlier, leveraged on secure technology and with a unique user experience,” said Daniel Otero, co-founder and CEO of MIO.
“MIO will start providing payment acceptance services, through a powerful platform 100% mobile digital native (cell phones, tablets -IOS & Android), which allows converging the two worlds of acceptance: face-to-face collections with card readers and non-face-to-face collections through payment links. This proposal seeks to innovate in a market dominated by alternatives with analog and traditional characteristics,” shares Christian Pichardo, co-founder and COO of MIO.
This is a very important step for the financial industry in the Dominican Republic. It is the birth of a new category, which, according to Maximiliano Barr, co-founder and CCO of MIO, is defined as “Finance for People”. A concept that seeks to empower Dominicans in their financial activities such as collecting, paying or transferring funds, in a closer, more human, more accessible, simple, easy and secure way.”
“We are pleased to continue expanding the electronic and digital payments industry in the country, working hand in hand with the Fintech sector, which has become a rapid agent of change and an important ally for all players in the financial ecosystem,” said Sofia Antor, general manager of Visa Dominican Republic.
“Having players that bet on increasing the country’s acceptance for such a critical segment for the economy as SMEs, is really important. That is why we are pleased to know that MIO will be entering with a proposal for acceptance, issuance and digitization of payments for the benefit of all Dominicans”.
MIO is a tool that seeks to promote the growth of its users by increasing their sales, operating in a more efficient way, improving the collection and payment experience.
“In MIO we present you with functionalities such as product and service catalogs, transaction history, reports of best-selling products or consumption by customers, among others, providing a powerful platform for managing your business,” said Maximiliano.
MIO aims to play a decisive role in the payments ecosystem, promoting financial inclusion and formalization through the acceptance of digital payments, expanding the benefits and opportunities that this brings to businesses, regions and emerging segments.
“By combining the reach and capabilities of Visa and the rest of its allies, with its differential and simplified value proposition for merchants and individuals, MIO seeks to make history in the DR by changing the lives of hundreds of thousands of people,” said Daniel.
