"Mexico is very underpenetrated in digital consumer payments, whilst global trends support a strong shift towards it"
Naveen Sharma is co-Founder at UnDosTres, a Mexican digital platform −available for desktop, mobile web and Android and iOS apps− which makes it possible to carry out online payments easily, instantly and securely.
What solution does UnDosTres bring to the Mexican market?
UnDosTres offers a simple and efficient solution: one platform for consumers’ everyday payments. Mexico is very underpenetrated in digital consumer payments, whilst global trends support a strong shift towards digital consumer payments. Offline, these payments are carried out with a lot of friction, but we offer an easy and quick solution which can be carried out in just a few seconds.
What is the aim of the platform?
To make everyday payments easy and instant, fully digitalised and leveraging on payments to enhance the lives of residents in Mexico by enabling access to better financial products and services.
What drove you to create UnDosTres?
Two of the founders experienced the inconvenience of making payments for digital products, such as bill payments or mobile top-ups. They had to visit physical shops to make these payments, standing in long queues, withdrawing cash from ATMs and then returning to the shop to complete the payment.
The process took 15-20 minutes on average (that is, if you have a physical shop nearby) which could have been done in matter of seconds, independently of where you are, by simply clicking a button on your mobile phone. To remedy this inconvenience, we created UnDosTres.
How large is the team?
We are currently a team of 20 people, including three founders. We have tech, BI, marketing, customer happiness and commercial teams. We are a very customer-centric tech company at heart.
What competitive advantage does UnDosTres have?
• User experience: it is easy and simple, pay anytime and anywhere in just three clicks. The payment is processed in real-time.
• Proprietary tech know-how: proprietary anti-fraud technology has allowed UnDosTres to lower its fraud rate to <1%. We have achieved a higher margin on sales, a strong reduction in customer complaints, and built a very healthy repeat customer base.
• Strong and experienced team: the founders have already built similar internet businesses before in Mexico and India, and have grown them successfully.
Which services does the platform currently offer?
We currently provide following products across Mexico:
• Mobile top-ups
• Toll payments
• Cinema tickets
• Bill Payments − water, electricity, gas, Internet, telephone etc.
• Peer to peer money transfer
We will add payments for all the services that residents in Mexico need to pay on a daily basis
What are the key features of the platform?
The platform is extremely easy to use and customers can trust that their information is protected by the company’s proprietary anti-fraud technology.
• Fast: UnDosTres offers its users real-time payments in three simple clicks.
• User experience: users can pay anytime, anywhere. Furthermore, the platform is designed to ensure the best user experience by not requiring any lengthy verification process. Machine-learning technology allows UnDosTres to continuously improve the platform based on the aggregation of users’ behavioural data.
• Customer service: the customer is the most important stakeholder for us, and we endeavour to ensure that they do not face any issues. We provide instant 24/7 customer support and develop technological solutions to continuously improve and eliminate issues that customers might face.
What kind of partnerships with other companies do you have?
We have partnerships with different types of companies, such as marketing partnerships with top retail banks (Banco Azteca, Banamex, HSBC etc.), large restaurant chains including Casa de Tono, CPG companies such as Kellogg’s and Unilever and operators/service providers including Pase, Televia, Cinemex and Cinepolis.
We are constantly adding more partnerships to grow our business and to offer an improved customer experience.
Can you explain the integration process for service providers?
Integration currently requires the implementation of the API to provide services. The timeframe could vary depending on the priority and resources available for the implementation, but we are generally able to integrate in 2-3 weeks.
Can you describe the entrepreneurial environment in Mexico?
The environment is very encouraging, with a lot of different players −Government, regulators, VCs, accelerators, experienced mentors− all doing their part to grow the ecosystem. As three foreigners from India, we got lot of help from the ecosystem to grow the company continuously at every stage.
And compared to the US and Europe?
It’s still quite nascent compared to the US and Europe, and it will take longer, years, to grow to the same level, but it is maturing quickly.
Would you consider developing and offering your own products in the platform?
For now, we are focused on providing payments for all other products/ services from our platform.
What are the next steps planned for UnDosTres?
Our next planned steps are to add more products and services, build trust and increase transactionality per customer and open the platform for third party merchants to receive their payments using UnDosTres.
You recently raised 6.5M USD in a round in which InnoCells took part. How did you find the process?
We reached out to the top local professional VC funds and InnoCells. Together, we thought that this would help us to receive the best of both worlds: VC experience and future fundraising help on one hand, and highly valuable banking/financial services experience with a potential strategic partnership on the other hand. Overall, the process was very efficient and enriching.