Payment processor Cardpay is expanding into the Mexican eCommerce market. Cardpay is targeting its Mexico payment solution to millions of unbanked customers and eCommerce businesses alike. Through Cardpay, businesses can take payments using local payment methods accepted by popular retailers like Walmart, 7eleven, Superama and Extra.
Convenience and retail store sales are a big segment of Mexico’s broader economy, incorporating two thirds of all retail sales. With about 20,000 retail and convenience stores in Mexico they are essential for the country’s economy.
“The convenience, department stores and supermarkets are the lifeblood of Mexico,” says Kirill Evstratov, CEO of Cardpay, “It stands to reason that we at Cardpay provide an avenue for businesses to really tap into a population of unbanked, but highly active consumers.
“There’s a distinct gap between offline consumers and online businesses. Cardpay is working hard to bridge this gap, and bring the two sides together.”
Mexico: 63% of population is unbanked
According to the World Bank, more than 63% of people in Mexico are considered unbanked. Moreover, the majority of consumers rely on cash.
Cash dominates the Mexican payments landscape, accounting for 89.5% of the overall transaction volume in 2018.
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With government and central bank initiatives, growing consumer awareness, and a rise in card acceptance, Mexicans are shifting towards e-payments.
To increase merchant acceptance, the central bank has capped interchange fees on debit and credit card transactions. At the same time, local banks are cutting merchant discount rates.
Through the use of its payment platform Cardpay seeks to provide businesses and consumers with an innovative alternative.
Online merchants can connect to Cardpay’s platform via API. This enables new payment methods for its customers in Mexico. Specifically, Cardpay is looking to onboard international companies from the variety of sectors including Marketplaces, Travel, Transportation, IT & Technology.