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Founded in 2006, Barared caters to the underserved base of the pyramid (BoP) market and in doing so has reinvented micro-commerce in Mexico. Barared offers the 72 million previously unbanked Mexicans access to essential financial services ranging from mobile phone top-ups to bank transactions in a convenient and affordable manner. The company has installed over 1,000 kiosks in “mom and pop” shops across Mexico City where customers can perform transactions without visiting banks and other government offices which are often located at a great distance from the customer. In addition to benefiting the customers of these corner shops, Barared has helped proprietors to increase their monthly revenues by 200%.
Common transactions completed at Barared sites include bill payment to utilities companies, mobile phone top-ups, opening a bank account, and taking out loans. Banamex, the largest private bank in Mexico, and Bansefi, the Mexican Federal bank, have developed partnerships with Barared that grants them access to a wider customer base without the heavy upfront investment of opening new branches.
The prevalence of corner shops across Mexico offer Barared a competitive advantage over even the large chain branches, like Oxxo and Wal-Mart, that have added correspondent banking components. José González has already secured funding for his plan to install 10,000 new sites across the country.
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