Global fintech Unlimint furthers its goal to bridge the gap between consumers and ecommerce businesses in Mexico by launching local acquiring services in the region.
Founded in 2009 and now employing more than 300 people across 14 international offices, Unlimint first entered the Mexican ecommerce market in 2019 and has quickly become one of the region’s key fintech players.
Unlimint’s acquiring services will now give merchants in Mexico access to a raft of new features, including the ability to offer instalment payments with local payment cards and the acceptance of alternative methods, like cash-based payments and bank transfers, through an all-in-one easy-access business interface.
This allows Unlimint to now cover 95% of local payment methods in Mexico, which is vital in a country where 63% of the population are unbanked and only half of ecommerce transactions are made using a debit or credit card, while the remaining are performed via local convenient stores like OXXO, 7 eleven, Walmart etc.
Thanks to its instalment feature, Unlimint now also provides a service crucial to the success of merchants in the region, as this is consumers’ preferred payment method - 60% of e-commerce purchases in LATAM are currently paid for using an instalment plan. The support of regionally dominant local cards, on the other hand, in comparison to international cards, can increase approval ratio and minimize fees.
“Our localized acquiring solution allows us to take our Mexican customers on a frictionless journey to the “tomorrow” of global payments. A tomorrow where they can offer their clients the ability to pay how and where they want, whether up front or in instalments, all without having to sign new agreements with acquirers.”, said Kirill Evstratov, CEO of Unlimint. “We developed an adaptive ecosystem that is capable of processing and managing several different regions at once with all their merchants, regulations, technical differences and accounting. Our clients will be able to accept both cards and APMs, and offer instalment payments with local payment cards through an all-in-one easy access business interface.”
Since launching in Mexico City last year, Unlimint has grown a strong team of industry experts in the region who are guiding European merchants looking to expand into the region, led by Andrey Novikov, LATAM Regional Lead at Unlimint. Novikov added, “The launch of a localized acquiring solution here in Mexico is a major step for our team. It allows us to offer our merchants a solution that was created with their specific market challenges in mind - is more cost-efficient and is simply more convenient. Now we are truly ready to take over Mexico’s eCommerce market, offer our merchants an answer to their everyday payment pains and help them to be ‘ready for tomorrow’.”