Paymentology partners Fondeadora to expand Mexican payment services
Global issuer-processor Paymentology and Mexico City-based banking fintech Fondeadora have partnered to expand payment services across Mexico.
Fondeadora will leverage Paymentology’s cloud-based digital payment platform, incorporating faster transaction processing, advanced security and enhanced data analytics into its app.
Users of the app will also be able to use their debit cards through Apple Pay for the first time.
Customers can now take advantage of Apple Pay’s security technologies, such as Face ID and Touch ID, as well as make online purchases, without the need to enter their payment and shipping information each time.
Fondeadora says the launch of Apple Pay is a “significant step” in providing the latest and most innovative financial services to Mexico’s payments market, which has a projected Compound Annual Growth Rate of 15.75% (2022-2027).
Paymentology regional director of Latin America Alejandro Del Rio says that post-Covid, Mexico’s digital economy has “flourished”, and with it has come newfound consumer demands around digital ways to pay.
In December 2021, Paymentology merged with Tutuka to “create the world’s first global issuer-processor spanning 49 countries”.