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Smart payment solutions make their way in Mexico

March 8, 2021

Smart payment solutions make their way in Mexico

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The market opportunity for FinTech in Latin America is growing year on year. The region has been able to adapt quickly to emerging technologies as payment security and financial inclusion is low. Banks are looking at newer technologies to help bridge this gap.

Mexico is in a great position as it has the highest rate of smartphone penetration in Latin America and over 45% of transactions are done by card. The country represents an exciting opportunity for FinTechs looking to offer smart payment solutions with easy-to-use functionality.

Following recent recognition by Latin America’s financial-transaction-network, PROSA, Intercash, a global payments solutions provider, and Paymentology, a leading issuer payments processor, today announced the launch of innovative card issuing solutions in Mexico to serve the growing volume of card transactions.

The partnership will see Intercash’s customers benefit from the ability to launch innovative payment solutions almost instantly with unrivalled access to data. Furthermore, this access to data at point-of-sale will empower Intercash’s customers to offer innovative real-time payment options that are personalised and meet the demands of today’s digital savvy consumer.

Using Paymentology’s cloud-native platform and PayRule.AI engine, customers will be empowered to shape consumers’ behaviour and preferences, key in today’s customer-first world. It is powered by augmented intelligence functionality which advances the authorisation process of consumer spends on credit and debit cards. Intercash’s customers will gain access to consumer spend data including transaction history retrieval, as well as a granular card scheme fee breakdown. The engine goes as far as retrieving and analysing mid-flight full card history for the approval or decline of transactions.

Shane O’Hara, CEO of Paymentology said, “We are excited to be collaborating with Intercash to help bring the latest customer-first payment solutions to Mexico, allowing millions of people the opportunity to make convenient, fast and secure payment transactions.”

Aaron Gladman, CEO of Intercash’s Card Division added, “Banks and government institutions are now looking to technology for finance and security solutions. We are delighted to be partnering with Paymentology for our initiative in launching turn-key card issuing and card management solutions into the Mexican market".