View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
December 26, 2016updated 04 Apr 2017 3:56pm

BBVA snaps up Mexican online payments firm Openpay

Spanish banking group BBVA has acquired Mexican online payments startup Openpay for an undisclosed sum.

By Verdict Staff

Spanish banking group BBVA has acquired Mexican online payments startup Openpay for an undisclosed sum.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

Openpay supports e-commerce, including on mobile devices, for large businesses and SMEs. The firm’s real time platform enables card, cash and loyalty-points payments and banks transfers in a single integration. The firm operates in Mexico through its own global network Paynet.

Openpay co-founders Roberto Bargagli, Eric Nunez and Heber Lazcano will continue to manage the company from offices in Queretaro.

BBVA head of customer solutions Derek White said: “This operation will allow us to remain at the cutting edge of payment systems. The operation will also bring numerous benefits for our customers.”

BBVA Bancomer general manager Eduardo Osuna said: “Openpay is the next logical step within BBVA Bancomer’s aim to offer innovative, user-friendly payments solutions. We are very happy to welcome the Openpay team onboard, and we are eager to start working with them.”

The recent acquisition is part of the bank’s ongoing efforts to accelerate transformation by expanding its digital portfolio. The bank bought Finnish online banking startup Holvi in March 2016 as part of this strategy.

Last year, the bank acquired a 29.5% stake in British mobile-only bank Atom, and San Francisco-based user experience and design agency Spring Studio.

The bank snapped up Madiva Soluciones, a Madrid-based provider of big data and cloud computing, and US digital banking start-up Simple in 2014.

 

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International