MIGO, the platform that allows payments through WhatsApp in Latin America
Conversational commerce streamlines purchasing processes by providing innovative and personalized services to customers.
Digital transformation is undoubtedly an essential element to improve the profitability and efficiency of businesses. With the rise of social media, consumer habits have changed, so having a presence on these digital channels is essential. Organizations must implement conversational commerce (c-commerce) and digital payment methods to optimize customer relationships and be part of new purchasing trends.
According to a report by Juniper Research in 2021, conversational commerce will reach USD 290 billion in 2025. This figure represents an increase of 590%, compared to the USD 41 billion with which it closed 2021. This shows that this technology is crucial for businesses, by facilitating the interaction of people with brands.
For this reason, Rafael Noriega and José Araguainamo, graduates of Incae Business School, decided to found Yalutec with the vision of supporting companies in their innovation and digital transformation processes. This is how this startup helps companies in the design, creation and implementation of digital transformation projects focused on customer service and sales through conversational channels.
Furthermore, through proprietary technological solutions such as Migo, an omnichannel payment platform that allows companies to collect payments through the messaging applications most used by their customers, and Yumpi, a tool that enables dynamic catalogues to manage products, prices and the services offered by companies, it is possible to build fully digital business models.
“Yalutec’s methodology is used in the restaurant industry, the retail sector, banking, insurance, hospitality services, tourism, health and other markets. Due to the pandemic, the processes of many of these businesses changed, so they chose to implement these new technologies to continue the process of offering their services to customers,” said José Araguainamo, Director of Yalutec.
The company has worked in partnership with Yalo, WhatsApp's first partner in Latin America, to develop automated conversational channels. On June 14 and 15, the Yalo Conecta event was held in Mexico City, which brought together pioneering companies in the digital transformation of the region. The event featured the participation of its client Grupo Monge, a retail company with a presence in six Latin American countries.
Monge operates in countries where, during the pandemic, access to physical spaces was restricted and transportation limited the movement of people. The Migo platform was essential for users to access credit, check their balance and make payments via WhatsApp.
“With our strategy using WhatsApp, we become a trusted contact on our client’s cell phone. We are not just building a digital channel or a chatbot, but rather an ecosystem of solutions to meet the service needs of our users through Monge Pay,” explains Jean Pierre Quesada, Technology Director at Grupo Monge.
This is the first 100% payment channel self-managed by WhatsApp in the Central American region, as it has a catalogue of fintech products and services integrated into the banking system. Between 2020 and so far in 2022, the number of users increased by more than 200%. Currently, digital payments represent around 50% for Monge, of which half are made month to month through Migo.
“Integrating Migo as a payment method was essential for the continuity of our business during the pandemic and to be able to provide convenience to our customers. Today, our channel disburses credit to users immediately and online to bank accounts, making it a fully self-managed financial product,” Quesada adds on the Yalo Conecta panel.
