Rapyd issued the following announcement on July 9.
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.
With an annual online shopping growth rate near 30% and a B2C market worth $22.6 billion, Mexico is a market ripe for massive online payment growth, according to J.P. Morgan Global Payment Trends. Just as in other countries dealing with the COVID-19 pandemic, Mexican consumers are quickly moving to digital payments or even cash transactions that are used in online payment scenarios. The Rapyd platform makes digital and cash transactions significantly more accessible to businesses and consumers.
"Mexico is one of Latin America's high-growth markets. Our full-stack launch will contribute greatly to Mexico's growing economy by helping local businesses digitize the acceptance of all payment methods in ecommerce marketplaces, digital platforms, gig economy, lending companies, neo-banks, and others," said Eric Rosenthal, Vice President and Managing Director for the Americas at Rapyd. "Our platform also enables global businesses to accept every major local payment method through one, powerful and simple API integration, removing the complexities of fragmented payment infrastructures and allowing global companies to quickly service the growing Mexican market."
Rapyd's integrated payments network provides the ability to quickly integrate complex local payment systems all at once, which otherwise can take months or years to integrate individually. Rapyd's all-in-one platform also allows these businesses to quickly expand into other high growth markets in Latin America, APAC, and EMEA almost instantly.
"At Banregio the success of our customers is our mission. We work every day to offer innovative financial solutions and strive to be part of the growth of businesses in Mexico. Rapyd is one of our loyal partners and we are proud of this launch," said Pedro Valenzuela, Head of Marketing at Banregio. "We look forward to being a part of Rapyd's solution as they aim to increase the ability for Mexican consumers to access the global ecommerce market and for businesses to significantly improve user experience in Mexico, throughout Latin America and around the world."
Rapyd's Full Stack Capabilities in Mexico include:
Payment Methods:
- 24/7 real-time bank transfer for all banks
- Voucher and OTC cash payments via more than 150K locations and most relevant brands like 7-Eleven, Circle K, Extra, Farmacias Benavides, Walmart, and major retail banks
- Local issued credit and debit cards via Visa and Mastercard
- Bill and Airtime payments
- e-Gift cards for providers such as Netflix, Xbox, GooglePlay, Spotify, and others
- Cardless ATM withdrawals
Disbursement methods:
- 24/7 real-time bank transfers for all banks Including recipient bank account validation
Card issuing:
- Local wallet and companion cards domestically issued for corporates and individuals
Digital Wallets and Payment Accounts:
- Issuing of stored valued white-label wallets and payment accounts
The Rapyd Global Payments Network now supports over 900 payment methods in more than 100 countries. The addition of full-stack payment services in Mexico brings together previously disparate and fragmented local payment capabilities into one, powerful platform, eliminating the need for businesses to create ad hoc payment programs and dramatically streamlining their payment capabilities. This offers businesses in Mexico, and globally, an all-in-one payment solution to support business expansion and provide expansion opportunities as market dynamics evolve.
Visit go.rapyd.net/mexico to learn more.
About Rapyd
Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd's unparalleled payments network and fintech as a service platform, businesses, and consumers can engage in local and cross-border transactions in virtually any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd's investors include Stripe, General Catalyst, Oak FT, Tiger Global, Durable Capital, Target Global, TaL Capital and IGNIA.
Original source can be found here.
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