Fintech is rapidly transforming the financial landscape across the globe—not only in developed markets, but even more strikingly in emerging economies. In regions where traditional banking infrastructure is limited or nonexistent, fintech is filling the gap, driving financial inclusion through fintech innovation. Two powerful examples—Latin America and Kazakhstan—demonstrate that starting from scratch can be an advantage, enabling faster, more inclusive growth.

This blog explores two compelling fintech journeys. In Latin America, Walla is emerging as a leading digital financial services provider, while in Kazakhstan, WuPay is revolutionizing mobile payments. Despite their different contexts, both companies exemplify how mobile-first strategies, local relevance, and bold vision can unlock access and opportunity, reshaping the future of finance from the ground up.

Latin America: Solving for the Unbanked

In Latin America, millions of people still rely on cash for daily transactions. In countries like Mexico and Argentina, traditional banks are few and far between—especially outside of urban centers. Opening a bank account can require travel, documentation, and long waits, and fees are often high.

That’s the environment where Walla was born. Originally launched with a simple prepaid MasterCard in 2017, the goal was clear: give the unbanked and underbanked a way into the digital economy. Even something as small as enabling a Netflix subscription via a prepaid card was revolutionary for users who previously lacked access to online services​.

Today, Walla operates in Argentina, Mexico, and Colombia, with over 5.5 million users and growing. Their path shows how a user-centric approach, supported by scalable technology, can unlock financial services for millions. Smartphone penetration across the region—over 80% in some countries—has made it possible to reach customers without needing a single physical branch.

Why Prepaid Is the First Step

Walla’s journey began with prepaid cards, but that was just the beginning. The company evolved quickly, acquiring licenses to offer full banking services. Now, Walla users have access to debit and credit cards, savings accounts, investment products, and even insurance. The company has even launched a remittance product that lets people in the U.S. send money directly to Walla cards in Mexico​.

This progression from prepaid to full-service digital banking is intentional. For fintechs targeting underserved populations, prepaid is often the gateway. It allows companies to onboard users with minimal friction, then gradually introduce more advanced services like credit and investment products.

What makes this strategy effective is its simplicity. Walla doesn’t expect users to understand complex banking. Instead, the focus is on solving real-world problems—sending money, paying bills, investing savings—all through a smartphone interface.

Growth, Regulation, and the Path to Banking

One of Walla’s key strategies has been acquiring existing banks in Latin America. In both Argentina and Mexico, the company purchased licensed banks, giving them greater control over costs and customer experience. This allows them to cut expenses by 75–80% compared to traditional banks and pass those savings on to customers​.

This model reflects a broader trend in fintech: rather than waiting for regulatory reform, companies are adapting by working within the system—acquiring licenses, building bank-grade infrastructure, and delivering services at scale. In a region where only a few traditional banks dominate the landscape, Walla’s digital-first approach is a much-needed alternative.

The company has received over $550 million in investment and is valued at $2.5 billion, but its leadership remains focused on financial inclusion. Their strategy for the next five years includes expanding into more countries, developing new products, and investing $150 million to support underserved communities.

Kazakhstan: Digital Wallets and Regional Innovation

Thousands of miles from Latin America, another fintech story is unfolding. WuPay, based in Kazakhstan, is the country’s first mobile wallet company headquartered outside the capital cities. Since its founding in 2012, WuPay has introduced a range of services—from mobile transit payments to P2P transfers and QR-based merchant payments.

WuPay’s approach is particularly notable for its regional focus. Unlike many fintechs that center operations in global cities, WuPay emerged from Karaganda and now operates in Kazakhstan, Uzbekistan, and Tajikistan​. That grassroots expansion reflects its mission to make digital payments more accessible beyond the major financial hubs.

The Power of Mobile Infrastructure

Like Latin America, Kazakhstan has seen rapid mobile adoption. WuPay leverages this infrastructure to deliver payments, parking, and public transport services—all through a single wallet. The wallet can be loaded via bank accounts or mobile phone balances, and users can pay for services without needing a physical card.

What makes WuPay stand out is its flexibility. The wallet supports multiple payment types, and the company has developed its own AML, KYC, and fraud management tools. In fact, the platform was built entirely in-house, and its compliance standards are among the best in the country.

Perhaps most impressively, WuPay built this entire ecosystem under strict regulatory conditions. While Kazakhstan lacks a formal fintech license, the country does offer regulatory sandboxes, allowing companies like WuPay to test new ideas with government collaboration. WuPay was also a founding member of Kazakhstan’s fintech association, helping shape industry standards from the ground up​.

Wallets vs. Banks: A Global Recalibration

Both Walla and WuPay demonstrate how the concept of a “bank” is being redefined. For many users, the traditional bank account is no longer the centerpiece of financial life. Digital wallets have taken over. They’re fast, mobile, and better aligned with modern consumer behavior.

In emerging markets, this trend is accelerating. Wallets are not just tools for spending—they’re ecosystems. Users pay bills, send remittances, access insurance, and even invest—all within one app.

And as financial education improves, fintechs are layering behavioral nudges and gamification to drive better financial habits. For instance, Walla has launched educational programs for users as young as 13, helping build financial literacy from a young age.

What the Future Holds

The future of finance in emerging markets won’t look like Wall Street. It will be mobile-first, inclusive, and behaviorally smart. Platforms like Walla and WuPay are showing that it’s possible to build profitable, scalable financial ecosystems that serve the real needs of underserved populations.

In the next five years, we can expect more fintechs to follow this path—using prepaid cards as an entry point, expanding through licensing, and layering services to meet evolving customer needs. As technology continues to evolve, the line between wallet and bank will blur even further. But the goal remains the same: access, empowerment, and financial prosperity.