Global fintech SumUp has officially launched in Mexico, set to transform the way small businesses operate with its cutting-edge payment and business tools. With this launch, SumUp aims to introduce a new level of efficiency and ease that the Mexican market has yet to experience.
According to the World Bank and OECD, Mexico is home to almost 4.5 million small and medium enterprises (SMEs), of which 94% are considered micro-firms. These are precisely the types of businesses SumUp was founded to empower, making it effortless for small businesses to accept payments and thrive, wherever they are.
Testament to the company’s ability to scale, SumUp now serves larger enterprises and major event spaces, such as the world famous London entertainment venue, The O2 Arena, and the Aviva Stadium in Dublin, Ireland's iconic sport stadium and concert space.
Naturally, as the business landscape has evolved, so has the SumUp product suite. SumUp product development is merchant-centric; the company regularly updates its product ecosystem to meet the needs of merchants, as well as respond to feedback. SumUp offers a variety of solutions tailored to each market, including point-of-sale systems, digital payment tools, financial products, and more.
As part of the launch, SumUp has introduced the SumUp Go card reader to the Mexican market. A compact, user-friendly device, the Go card reader allows merchants to accept payments anytime, anywhere, with no monthly fixed costs. It’s compatible with all major credit and debit cards, with remarkable battery life and unlimited 4G cellular connectivity thanks to its built-in SIM. The Go is designed for durability and comes equipped with advanced security features, to deliver safe and compliant transactions.
While Mexico is currently a cash-led nation - where just over a quarter of transactions are conducted by card, several factors have historically limited the adoption of digital payments, such as only a bit more than half of the adult Mexican population having a bank account and just 45% of cards being NFC-enabled. However, recent trends show a growing preference for debit cards, signalling a shift towards cashless transactions, indicating this will increase in the next few years. This shift, coupled with the rapid adoption of digital payment technologies, presents a significant opportunity for growth in the card payments sector in the coming years. The entry of new players, particularly fintech companies, has significantly boosted the adoption of card payment terminals across a wider range of businesses. SumUp’s successful expansion into Colombia and Peru and its strategic acquisition of Fivestars, a leading U.S. loyalty and payment network, underscore its commitment to empowering small businesses across the Americas. These achievements set a strong foundation as SumUp prepares to bring its solutions to Mexico.
Andrew Helms, Director General of SumUp Mexico: “Expanding into Mexico marks a pivotal step in SumUp’s strategic growth across Latin America. We see remarkable potential in the region and recognize a strong demand for accessible, user-friendly payment solutions that streamline business operations. At SumUp, our mission is to simplify business for our merchants and we’re delighted to bring this commitment to Mexico. We are confident, given our global track record as well as our dedicated focus on Latin America, that we can deliver exceptional value to merchants across Mexico.”