OXXO recently opened to the market the possibility of directly integrating its OXXO PAY cash payment service. EBANX is the first cross-border payments player to connect directly to it, offering the Mexican cash payment method to international companies in the digital economy
BRAZIL and MEXICO, November 02, 2023, – EBANX, a global fintech specializing in payment solutions for rising economies, announced its direct integration with OXXO PAY, a payment method that enables Mexicans to buy online using cash. EBANX, which has been offering OXXO on its payments platform since 2019, is the first cross-border payments player to integrate directly with the service, without intermediaries, since OXXO opened that possibility to the market.
The direct integration of EBANX with OXXO PAY will allow this service to be offered to more digital businesses in the global market, but above all to customers who need to accept alternative payment methods such as cash with an online and real-time confirmation.
EBANX client companies, from verticals such as gaming, individual SaaS subscriptions, streaming, and online retail can benefit from the payment method, reaching more customers in Mexico, a country where more than 40% of the adult population does not own a financial services account, and where cash is one of the most used payment methods, even in online commerce: 10% of the total volume transacted online in the country in 2022 was paid with cash-based methods, according to data from Payments and Commerce Market Intelligence (PCMI, part of AMI). This type of payment method was one of the fastest-growing in e-commerce in Mexico last year – 44%, only behind account-based transfers and BNPL.
"Solutions that include cash in the digital economy are essential in rising markets like Mexico and can be the decisive factor for people and companies to acquire products and services. At the end of the day, they are instrumental in creating access to online commerce," said Juliana Etcheverry, Global Director of Strategic Payment Partnerships at EBANX. "The direct integration of EBANX with OXXO PAY is an important step because it helps make the product available to more global businesses, providing better experiences to Mexican consumers," the executive completed.
"The direct integration increases the reach of OXXO PAY internationally. The partnership with EBANX makes it possible for OXXO PAY to be available to a portfolio of large global companies, expanding its use and positively impacting the purchasing experience of 45 million Mexicans who use the service today," explained Santiago Rivera, Commercial Director of Services at OXXO México.
Mexico is the second largest digital commerce market in Latin America: it reached USD 53 billion last year, after growing 28% year over year, according to PCMI data. E-commerce penetration in the country now almost reaches 70% of the population, with cross-border service being just 20% of the volume – offering plenty of room for growth for global players.
In 2022, 34% of the total volume of digital commerce in the country was based on purchases with alternative payment methods (beyond cards), according to PCMI. Cash vouchers, such as OXXO PAY, follow this trend. "Offering a diversity of payments, with a localized strategy, is important for expansion into Mexico and other rising markets in Latin America. It is about recognizing and enabling the preferences and consumer behavior of your clients, to provide them with payment options that fit into their daily lives," completed Etcheverry.
EBANX is the leading payments platform connecting global companies with customers from one of the fastest-growing digital markets in the world. The company was founded in 2012 in Brazil with the mission of giving people access to buy in international digital commerce. With powerful proprietary technology and infrastructure, combined with in-depth knowledge of the markets where it operates, EBANX enables global businesses to connect with hundreds of payment methods in different countries in Latin America, Africa, and Asia. EBANX goes beyond payments, increasing sales and fostering seamless purchase experiences for businesses and clients.
For more information:
[ESP] EBANX sale adelante, y es el primer jugador de pagos en integrar a OXXO PAY de manera directa a comercios globales
November 2, 2023
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