Let us introduce you to Adolfo Babatz, the most successful Latin entrepreneur on the technological market. Adolfo Babatz co-founded Clip and this is his story.
Have you ever wanted to buy a souvenir on a beach and you had no cash on you? Or have you just had to pass by a street food-stand because the local vendor didn’t accept cards? Well, in Mexico it was a very common situation, and thanks to Clip, you are not surprised anymore when you see a sign with “We accept credit cards” in your favorite taco stand.
Adolfo Babatz is a very focused businessman. He grew up and studied in Mexico City, started working in Mexican companies, and then went to MIT. He started working for Paypal, met Vilash Poovala in a company canteen, and a great duo was born.
They both started working on Clip while still in Paypal, successfully tried it out in Cancún, but the idea wasn’t bought by their mother company. To make a long story short, they resigned from Paypal to found Clip, which was officially born in April 2013.
Mexicans prefer to pay in cash and charge in cash. Why? Forget the money laundering and let’s focus on other reasons. Simply, there are not enough terminals on the market. When Clip was less than one year old, there were 90 million card users in Mexico but only 450k POS terminals all over the country. With such a misbalance, Mexico was a land of opportunity for a mobile payment system company bold enough to try.
Another reason is that user experience is usually not a priority of traditional big banking companies. Clip makes it easy for millions of bank card owners to use their cards. A small orange Clip device also looks cooler than a grey POS terminal. It’s also very easy to purchase this device, you can simply throw it into your shopping cart at any supermarket chain.
Adolfo Babatz grew in Mexico and probably saw numerous lines of people at the end of each month to pay their instalments in many different establishments. It is a very popular payment method in this country and a Clip device allows you to divide each transaction in installments, no matter the size of the operation or the card issuing bank.
This Latin entrepreneur hit the jackpot with the idea of converting smartphones into bank terminals. The company grew by 800% in its first couple of years and is still far from reaching its ceiling. However, if you ask Babatz about abroad expansion he becomes cautious. He strongly believes that you need to focus and first dominate one market, and if he decides to expand, he will do it on emerging markets, similar to the Mexican one.
This Latin Tech company keeps surprising the market and scaring the financial giants. In 2019, they launched the Clip Pro, that accepts 30 different payment methods, including food vouchers, has a dynamic keyboard that makes it more difficult to copy one’s PIN and… does not require a smartphone. Babatz assures that Clip Pro substitutes seven different terminals, and eliminates their monthly costs.
Impressive, right? Follow us on Twitter and let us know if you’ve ever used Clip or if in your country there is a mobile payment system like it.