Menu
KrASIA
News

Tencent invests in Argentina’s mobile payment startup Uala

Written by Song Jingli Published on 

Share
Tencent is taking a stake in Argentine mobile payment app Uala, Bloomberg reported on Tuesday, citing Uala founder and CEO Pierpaolo Barbieri. The equity investment will be used to continue developing

Tencent is taking a stake in Argentine mobile payment app UalaBloomberg reported on Tuesday, citing Uala founder and CEO Pierpaolo Barbieri.

The equity investment will be used to continue developing Uala in South America’s second-largest economy, said the CEO, without revealing the financial details of the deal.

Barbieri said Tencent invested because it’s betting on what will happen in Argentina over the next 10 years, rather than what will happen in the next six months.

Tencent itself highlighted payment as one of its key infrastructure platforms in its 2018 annual report.

“Our total daily payment transaction volume exceeded 1 billion for 2018, driven by rapid growth in commercial payments, which represented more than half of the number of transactions. Our commercial payment revenue more than doubled year-on-year in 2018,” the company stated.

Contact the writer at [email protected]

Share

You might like these

  • News

    Thailand’s main digital asset exchange will go without cryptocurrency

    By 

    Stephanie Pearl Li

    22 Jan 2021    05:43 AM

KrASIA InsightsKrASIA Insights

  • Beijing-based SaaS firm Aibee digitizes “space, people, and products” for brick-and-mortar retailers.

    Insights

    This firm digitizes offline shopping: Inside China’s Startups 

    By Wency Chen

    23 Jan 202101:05 AM

Most PopularMost Popular

See All