LatinNews Daily - 21 July 2022

In brief: BBVA announces online payment solutions for Mexican SMEs

* BBVA México, the Mexican branch of Spanish-owned BBVA bank, and Mexican online payment platform Openpay have announced a new payment diversification strategy which seeks to incorporate 40,000 new Mexican small and medium-sized businesses (SMEs) into their portfolio. The new service will allow individual sellers and small businesses to accept digital payments in person and virtually, accept all credit and debit cards in the Mexican market and offer interest-free monthly payments. It will also allow them to share a link through which consumers can make payments securely and receive money in a BBVA bank account. Openpay CEO, Alejandro Pineda, said that the incorporation of more digital payment options could increase sales by up to 40% for SMEs. The service will include a commission charge of 2.25%. BBVA acquired Openpay, a Mexican start-up, in 2018. Openpay operates in Mexico through Paynet, its own global network consisting of more than 12,000 associated points-of-sale, which allow cash payments for online purchases as well as card payments, loyalty-point payments and bank transfers.

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