Neobanks are great alternatives to the "unbanked population" of Latin America. Albo, for example, is one such financial service that relies on a MasterCard debit card and a mobile application. The company is based in Mexico and it enables "customers to open a bank account via their mobile devices." The opportunity proves to be secure and efficient, as it allows for individuals to pay bills and make purchases directly through a mobile application. Moreover, the neobank does not have restrictions and exchange of money for goods is available anywhere and is free of charge.
In addition, Albo accumulates the data from purchases and creates a chart for money spent based on categories, allowing consumers to be in control and aware of where they are spending the majority of their means.