Ebanx expands into Mexico

In addition to offering services to help national companies and global giants to expand their sales in Latin America, EBANX now offers new ways for Mexican companies to expand their operations within the national territory, and offer the best payment experiences to Mexican consumers. These new local solutions will allow international companies to enter the Mexican market with much greater ease and consolidate their presence.

With this new expansion, Mexican companies will have access to EBANX’s comprehensive portfolio of local-payment solutions in the country, with payment methods such as credit and debit cards – including those of national brands – installments, OXXO and OXXOPay, SPEI, and digital wallets such as Mercado Pago. These new offerings for merchants operating within Mexico are launched together with the opening of EBANX’s new office in Mexico City.

“The launch of these local solutions and the opening of the new office are part of our strategy for continuous growth in Mexico, a country where e-commerce is one of the most dynamic and relevant sectors. With these new initiatives, we become the ideal strategic ally to help e-merchants grow their operations in Mexico or other LatAm markets,” said João Del Valle, co-founder and CEO of EBANX. “We are very excited to witness Mexico’s digital market growth and to help Mexican companies in their efforts at the local and regional level.”

At the same time that e-commerce grows exponentially in Mexico, one of the main challenges has been the level of Mexicans’ access to financial and banking services. According to the Association of Mexican Banks (ABM), 53 percent of adults did not have a bank account in 2020. In this context, the possibility of offering various payment methods that are adapted to the needs of Mexican consumers, including those that allow the use of cash, is a key factor to enable faster growth of companies in this market.

The ability to process cash-based transactions, as well as domestic-only cards and other local payment methods in Mexico is still a key factor in reaching and onboarding more consumers. According to Beyond Borders 2021/2022, EBANX annual study on the digital market in Latin America based on data from Americas Market Intelligence (AMI), more than half (60%) of the digital commerce in Mexico is transacted with these types of payment methods, such as digital wallets, cash vouchers, or debit and domestic credit cards. Merchants that accept them can double their reach and sales potential, and more quickly increase their total addressable market.

EBANX is one of the few payment processors in LatAm connected to digital wallets such as Mercado Pago, which allows global companies to reach the large numbers of unbanked people in Latin America by providing them with a payment method adapted to their needs.

Mexico is a priority country for EBANX. It is the fintech’s second-largest market in LatAm, and where EBANX first began its expansion outside of Brazil. It started its operations in Mexico in 2015, with cross-border payment services, so that global companies could accept local payment methods in the country. EBANX has grown the number of transactions it processed in Mexico 115 percent last year, and its major customers in Mexico include Hibobi, SHEIN, Shopee and Wish.