3 companies at the forefront of Real-time Payments in Mexico

By Delisha Fernandes

Mexico has emerged as a hub for innovation in the rapidly evolving financial technology landscape, driving the real-time payments revolution in Latin America. As per Statista, Real-time payments in Mexico were anticipated to increase by 2027, as instant payments made up approximately three percent of overall payments in 2022. Approximately 5% of the total payments mix in the country- cash and cashless – is expected to be an instant payment by 2027.

Real-time Payments (RTPs) are transactions that settle and clear fast using a payment rail, a subordinate platform or a network. Bank accounts are connected through RTPs. RTP solutions are based on the relationship between the payee and the payer. They can be used by small and large businesses, individuals, and financial institutions to process payments for bill payments or money transfers with peers or clients.

Here are 3 companies at the forefront of Real-time Payments in Mexico:

• Albo

Albo is a Mexican challenger bank that assists individuals in managing their money and it can adapt to your lifestyle, bringing you an honest service that cares about your finances. Albo provides a mobile banking app, a banking account, and a Mastercard card, enabling you to spend, save and invest your money quickly. With access to personalised financing tools to help you make better financial decisions, you can open your account in 60 seconds from your phone. You can also access free, round-the-clock money transactions at any bank.

• Clip

Clip is Mexico’s integral ecosystem that promotes the financial inclusion of individuals and businesses through innovative & technologically trusted solutions, making it easy, accessible and transparent for all. Every solution is endorsed by the best talent making the extraordinary happen. In June 2021, Clip became the first payments Unicorn in the 12th largest economy in the world. This step only reinforces their commitment to continue building Mexico’s operating platform for commerce, fulfilling their vision to have Clip in every business in Mexico.

• Conekta

Conekta is an online payment-provider company headquartered in Mexico. It was founded in 2012 by Cristina Randall, Hector Cardenas, and Leo Fischer. Conekta employs over 160 people who aim to create an economy that includes and benefits everyone. The company develops technology that allows the digital economy so everyone can access it. Therefore, they offer solutions that any individual or business can use. The company makes processing online payments through cards, cash, or bank transfers simple, safe and available to everyone.

ALSO, READ: Global Payments Vendors and Landscape Report Q1 2023