Colpatria: the social network visa credit card in Colombia
Lenddo has launched in Colombia a new visa credit card called “Colpatria visa” backed by the consumer's reputation on the social networks.
An estimated of 1,000 customers in Colombia were already registered last week before the launching event of the credit card and the company CEO, Jeff Stewart, stated that it is the first time a credit card is approved based mainly in the reputation of their customers in: Facebook, Google+, Linkedin and Twitter. In developing countries even having a good job and high education most of the times doesn't guarantee that the middle class can have access to a credit card.
Lenddo declared that having this card would be benefitial for people within this group because they could make for the first time e-commerce transactions and for the company the fraud risk assement will be carried out considering the social network activity of its consmers. The CEO claimed that “E-commerce is really hard to do if you don’t have a credit card” and that “A whole set of information and delivery resources are not available to people who can’t get credit. We believe this is an important step in fulfilling Lenddo’s mission to economically empower the middle classes of developing countries.”
Lastly, Stewart made clear to Techconomy that the financial service sector is facing what he defined as a “Napster moment” in which certain changes must happen so the new consumers can have access to services and goods they couldn't reach before and, on the other hand, the banks could potentially have reliable customers that were traditionally ignored or left behind. The question that remain is: will we actually see similar programmes any time soon in other places where Lenddo has an office? (Mexico, the Philipines…)