Through this partnership, Mexipay, a new fintech player in the México ecosystem, aims to leverage ACI Enterprise Payments Platform and ACI Low-Value Real-Time Payments and to promote new real-time payment services in México.
Mexipay´s real-time payments technology is expected to go live in early 2024, and it will accelerate financial inclusion to a broader portion of the unbanked population in México. By leveraging ISO 20022 real-time payments, Mexipay will complement the current real-time capabilities in the country with new payment services and a better time to market.
As per the official press release, Mexipay stated that the partnership with ACI Worldwide for real-time payments facilitates market modernisation for more participants in the ecosystem. Moreover, ACI's Enterprise Payments Platform will leverage Mexico’s existing legacy, tackling the need for financial inclusion and evolution in Mexican payments.
Through this partnership, Mexipay will be able to provide access to the unattended small to medium banks segment, as well as the merchant industry. The key role is the implementation and operation of its platform built around ACI's solutions, delivering managed services to the market, something that was not possible before in México.
Moreover, the ACI Enterprise Payments Platform, an end-to-end payments hub solution, will provide Mexipay with payment orchestration via the capabilities of the ACI Low-Value Real-Time Payments solution.
México has already adopted a real-time payment system with its Sistema de Pagos Electrónicos Interbancarios (SPEI) system in place since 2004. SPEI was developed by the Bank of Mexico and allows clients to make electronic payments in a matter of seconds and to facilitate payments between financial institutions. In addition, the growth of real-time payments has gained traction in recent years.
On the other side, though, Mexico has a high percent of unbanked population. According to a 2022 release of a three-year survey, Mexico's share of respondents who claimed not to have access to banking accounts increased in 2017, the latest year that this survey could cover official numbers.
Nevertheless, Mexico seemed to have a relatively high share of the people who didn't have access to any form of banking services, with a share of 75% in 2017. The report adds that women in Mexico were more likely than men to be financially excluded from services like ATM machines, credit cards, or financial products like insurance or mortgages.
Moreover, according to ACI’s 2023 Prime Time for Real-Time report, México averaged 3.9 real-time transactions per person, per month in 2022. Instant payments volume in México is projected to see a 13.1% compound annual growth rate from 2022 to 2027.
Thus, leveraging the real-time payment system in Mexico raises financial inclusion and a wider access to digital services even for people who never had a bank account.
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