Mobile Payments Being Embraced by Mexican Banks Mobile Commerce Press
go to original March 5, 2015

70% of transactions in Mexico are made in cash - will more stores offering card terminals make a difference to both customers and business owners? (Visa)

As a part of a greater effort to try to boost card based transactions and to encourage financial inclusion, banks in Mexico are now working with vendors providing mobile payments technology in order to be able to roll out mPOS solutions at small business locations.

This type of initiative is being encouraged by the Mexican government in order to boost cashless transactions.

In Mexico, current statistics show that about 70 percent of all purchases in the country are being made in cash. Moreover, cash and the informal economy is making up about 30 percent of that country’s GDP. Sixty four percent of the 1 million grocery stores in Mexico are small businesses that are typically family owned. This helps to illustrate the importance that businesses of that size have on the Mexican economy, and the difference they could make in the adoption of mobile payments technology.

The success of mobile payments in the country are greatly dependent on the adoption by mom-and-pop stores.

Read the rest at Mobile Commerce Press

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!