Mobile Payment Options are Gaining More and More Followers in Mexico

Last February Apple launched its Apple Pay payment platform in Mexico, since then the tool has been growing in the country, adding more banks and users in the national territory.

And it is that in addition to American Express, Citibanamex and Banorte where it started, on March 24 it began to be available to HSBC credit card customers, in addition to the incorporation of Inbursa.

But the payment platform has also gained users, only in Citibanamex, in just over a month, 137 thousand clients were enrolled, with an approval rate of more than 90%, according to its CEO, Manuel Romo.

During the conference of their results for the first quarter of 2021, the banker indicated that they registered more than 15 thousand transactions in the first 2 weeks of operation of the platform and expect an upward trend in the following weeks.

“We were one of the first banks to incorporate Apple Pay as a convenient and secure payment option for our cardholders. In the first month alone, we had more than 137 thousand cards enrolled with an approval rate of more than 90%,” he assured.

Romo stressed that they strived to have a very easy functionality, which contains fraud prevention elements, so apart from being easy, it makes it more secure; It also strengthens its alliance with Apple, with whom they already have the iPhone for Life program, a cell phone herding program.

Until last March, Citibanamex had more than 7 million credit cards issued in Mexico, which represents 25.5% of the more than 27 million that exist.

In the case of American Express, the story is similar, its vice president of Marketing and Service Cards in the country, Andreia Morelli, told Forbes Mexico in this time they achieved more than 40% of their goal for the year.

“More than 50% of the Amex Customer base are iOS users. So far this year, the Company has managed to reach more than 40% of its goal established for the entire year ”, indicated the board of directors.

According to data from the National Banking and Securities Commission (CNBV), American Express had 432,976 credit cards issued in the national territory, which represents just over 1.5% of total plastics, which reach 27.7 million.

At the time, Samsung Pay, which will stop operating in Mexico as of July 1, had 430,000 registered users in Mexico in its first year of operation in January 2019, thus leading the mobile payments market.

According to the report Fintech App Marketing Insights: LATAM Edition 2021 of AppsFlyer, the downloads of the applications of traditional and online banking, payments, investments, loans and financial services doubled last year.

The firm points out that they increased 10 times more from the first quarter of 2019 to the same period of 2021, which means 240% more than in the second most expanding market in Latin America, which is Brazil.