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March 13, 2024

On the web

January 31, 2024

On the web

April 20, 2022

On the wires

Nelo Enables Buy Now Pay Later For All Ecommerce Stores In Mexico


Nelo , a Buy Now Pay Later (BNPL) product in Mexico, announced that it has launched their all-in-one app. Nelo’s customers can now use Nelo at any online merchant, through a partnership with Mastercard. Nelo’s app is the first of its kind in the region, where customers can shop and pay in installments at their favorite stores like Mercado Libre, Amazon, and Liverpool. This is enabled through a virtual card that Nelo customers generate at checkout. It is now live for 100% of customers.”

September 15, 2021

On the wires

I2c Certifies on Mexico’s Prosa Payments Network

i2c Inc. , a leading provider of digital payment and banking technology, today announced its certification with Mexican payments network, Prosa , providing local banks and fintechs greater choice in issuing and processing American Express, Mastercard and Visa programs while also signaling its continued growth and investment in the LAC region.”

June 15, 2021

On the web

Mexico’s Credijusto Buys Banco Finterra, Eyes U.S. Business


“Mexican small business lender Credijusto has purchased local bank Banco Finterra in what it says is the first acquisition of a bank by a fintech company in Mexico, as the startup seeks a competitive edge in the fast-growing digital banking sector. The deal for under $50 million closed last week after a year and a half in the works, and the combined assets are worth around $300 million, Credijusto’s co-Chief Executive David Poritz said in an interview on Tuesday.”

June 11, 2021

On the wires

Clip Becomes Mexico’s Fintech Unicorn

“Clip, Mexico’s leading digital payments and commerce platform, today announced it has received a U.S. $250 million capital investment led by the SoftBank Latin America Fund and Viking Global Investors LP. The investment is the largest ever for a payments company in Mexico and establishes Clip as the first payments Unicorn in the 12th largest economy in the world, with a valuation approaching U.S. $2 billion. Clip pioneered simple and easy access to digital payments and the democratization of financial services in Mexico, with an obsessive focus on delivering superior client experiences and customer service.”

June 3, 2021

On the web

Mexican Payments Network Prosa Seeks Buyer at $1 Bln-plus Valuation -sources


“Mexican payments network Prosa is exploring a sale that could value it at more than $1 billion, people familiar with the matter said on Wednesday. Owned by a consortium of banks including Grupo Financiero Banorte (GFNORTEO.MX) and the local arms of HSBC (HSBA.L) and Banco Santander (SAN.MC) , Prosa provides the infrastructure that facilitates more than half the payments in Mexico. It is also one of the largest payment processors in Latin America, completing around 4.7 billion transactions in 2020.”

April 8, 2021

On the web

March 29, 2021

On the web

Global Payment Infrastructure Provider Dapi Launches Bank Payment Initiation and Account Data Aggregation Services in Mexico

Crowdfund Insider

Dapi , a global payment infrastructure, recently announced the launch of its payment initiation and account data aggregation services in Mexico. Founded in 2019,  Dapi is a real-time banking API that enables companies to accept bank transfer payment within any application instantly with near-zero cost. The company’s mission is to simplify bank payment and reduce online processing fees. Dapi claims it is the first company in Mexico to offer free account data aggregation services to companies that use the payment API to accept payments.”

February 26, 2021

On the web

Stori Raises $32.5M in a Lightspeed-led Series B to Build Mexico’s Credit Card for the Masses


“While credit cards are commonplace in the United States, they are far less ubiquitous in many other countries, particularly those in Latin America. In Mexico in particular, cash remains the dominant method of payment, with an estimated 86% of all payments being in the form of cash. But card usage is growing as more people are shopping online than ever before. According to one recent study , Mexico topped the list of the world’s fastest growing e-commerce markets. Meanwhile, only 37% of Mexicans over 15 years old have a bank account , according to recent World Bank stats.”

February 24, 2021

On the web

December 9, 2020

On the web

October 13, 2020

On the wires

Venio Launches Operations in Mexico in Support of Its International Expansion

“Venio, the mobile application providing “nano-credit” facilities to unbanked consumers in emerging markets accessed via a smartphone, today announces its launch in Mexico. Venio Aplicaciones de Mexico, the Company’s Mexican business arm, has been established to support Venio’s expansion across the high growth emerging market. Venio’s international rollout has been expedited on the back of an oversubscribed and successful debut in the Philippines. The Venio app has now been translated into Spanish and will be available to consumers across Mexico with a strong foothold in Mexico City, Guadalajara, and Monterrey.”

September 22, 2020

On the web

September 11, 2020

On the web

Latin American Fintech Übank, which Offers Automated Savings App, Plans Expansion into the US

Crowdfund Insider

Mexico ’s Übank, the provider of an automated savings solution that allows consumers to save based on their lifestyle and everyday expenses, is planning to expand its operations into the US in 2021. Übank claims that it uses innovative savings strategies. Its app can “transform” daily activities such as going for a run, going out for dinner with friends or buying new clothes into saving opportunities.”

September 4, 2020

On the wires

TransferMate expands North American regulation with Mexico licence approval

“TransferMate, one of the world’s leading cross-border B2B technology payments providers, has today announced a significant boost to its international footprint, securing a new payments licence in Mexico. This authorisation as a money transmitter by Mexico’s National Banking and Securities Commission marks a major milestone on the company’s global growth journey and strategic plan to provide its customers with one of the widest regulated settlement networks in the industry.”

September 1, 2020

On the web

Remittances to Mexico hit third highest level on record in July


“Remittances sent to Mexico, a major support for the Mexican economy and in particular for low-income families, continued its historic 2020 run and rose in July to the third highest level on record, central bank data showed on Tuesday. Mexico received $3.53 billion in remittances in July, up by more than 7% compared to the $3.29 billion in remittances the country was sent the same month last year.”

August 31, 2020

On the wires

Paysafecash launches in Mexico enabling online cash purchases

“Paysafecash launches in Mexico as an alternative payment method for customers who want to pay online easily and safely using cash. The eCash solution was developed by paysafecard, part of the leading specialised payments platform Paysafe. Now available in 28 countries, Paysafecash is ideal for consumers who do not wish to share sensitive financial data over the internet for security reasons or those who do not have a bank account or a credit card.”

July 14, 2020

On the wires

Rapyd Launches All-In-One Payment Integrated Solution in Mexico

“Rapyd, a global Fintech as a Service company, announced today the launch of a single “full-stack” integrated local payment solution in Mexico, allowing local and global companies access to every local payment method through one convenient API, contract, and reconciliation service. In partnership with several major Mexican payment providers including Banregio, RedEfectiva, Cacao Paycard, among others, Rapyd’s new offering will give businesses the ability to accept every major local payment methods – such as cash, bank transfers, and cards – through a single connection through its all-in-one platform. In addition, Rapyd enables businesses to disburse funds through bank transfers, cards, and push to cards in Mexico and globally.”

July 2, 2020

On the web

Remittances to Mexico Jump in May to Second Highest Level on Record


“Mexico saw remittances, one of its main sources of foreign exchange, jump in May to its second highest level since records began in 1995, central bank data showed on Wednesday. Mexico received $3.38 billion in remittances in May, versus $2.86 billion the prior month and $3.28 billion in May 2019, the data showed. Most of the money sent to Mexico comes from the United States, which is home to millions of people of Mexican origin.”

October 18, 2019

On the web

Where Cash Is King, the Government Wants Everyone to Pay By App


“Now, the country’s government and big banks are trying to get Mexicans to kick their cash habit. A national program called called CoDi — short for cobro digital, or digital payment — aims to vastly expand electronic purchases, bring a new client base to financial companies, and, most importantly, help the government crack down on illicit transactions and boost tax collection.”

March 6, 2019

Top Post

Exclusive: Mexican central bank in talks with Amazon about new…


“It would be the first time the world’s largest online retailer offers such scanning technology in Mexico and could eventually open a new customer base in a nation where more than half of the population has no bank account. The payment system, known as CoDi, is being built by central bank Banco de México, known as Banxico. CoDi will allow customers to make payments online and in person through smartphones free of charge using QR codes. It aims to bring more people into the formal financial sector.”

February 19, 2019

On the web

Mexico pushes mobile payments to help unbanked consumers ditch cash


“The administration of President Andres Manuel Lopez Obrador recently announced measures aimed at making financial services more affordable in a nation where more than half the population is unbanked. It is planning a digital payments system run and built by the central bank that will allow Mexicans to make and receive payments through their smartphones free of charge. A pilot roll-out for the platform, known as CoDi, is expected by March.”

September 14, 2018

On the wires

Discover to Increase Card Acceptance in Mexico Through Network Alliance with Prosa

“Discover Financial Services, a leading direct bank and payments services company, and Promoción y Operación S.A. de C.V. (Prosa), a leading payment solutions provider and domestic payments network in Mexico, signed an agreement to form a strategic network alliance to expand Discover® Global Network acceptance in Mexico. Discover, Diners Club International®, PULSE and network affiliate cards will now be accepted on Prosa’s network in Mexico at both point-of-sale and ATM locations.”

May 14, 2018

On the web

Thieves Suck Millions Out Of Mexican Banks In Transfer Heist


“Thieves siphoned hundreds of millions of pesos out of Mexican banks, including No. 2 Banorte, by creating phantom orders that wired funds to fake accounts and promptly withdrew the money, two sources close to the government’s investigation said. Hackers sent hundreds of false orders to move amounts ranging from tens of thousands to hundreds of thousands of pesos from banks including Banorte, to fake accounts in other banks, the sources said, and accomplices then emptied the accounts in cash withdrawals in dozens of branch offices.”

May 8, 2018

On the web

Mexican Fintech: The Future Of Financial Technology In Mexico


“March 2018 saw Mexico’s lower house of Congress approve a bill to regulate fintech in the country, promote financial stability and in turn, put a stop to money laundering. The bill was approved by the Mexican Senate at the end of 2017, but is awaiting President Enrique Pena Nieto’s signature. According to Reuters, the law will provide assurance and better awareness when it comes to crowdfunding and the rules around cryptocurrencies, like bitcoin. It also permits open banks and sharing of data by financial institutions through public application programming interfaces, more commonly known as APIs.”

March 23, 2018

On the web

Alipay makes alliance with Openpay in Mexico looking at the rest of America (Translation)

Payment Media

“Alipay, announced today that it will expand its services in America through a strategic alliance with Openpay in Mexico.
Alipay has more than 520 million active users in China, who from now on will be able to use Alipay to buy with the affiliated businesses of Openpay in Mexico. Alipay is the leading payment provider in China and mainly online and mobile payment methods for consumers in that country.”

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