Mexico is the second-largest economy in Latin America, and retail e-commerce is expected to grow by 35% in 2019. However, despite this, the internet only represents around two percent of the country’s GDP.
“For internet businesses, accepting payments and moving money is still too complicated, cumbersome and slow,” said John Collison, co-founder and president, Stripe. “At Stripe, our goal is to grow the internet economy by providing the best platform for ambitious businesses to start and scale online.”
With this launch, online companies in Mexico can now gain access to Stripe’s entire product stack, to launch, run and scale their business globally from day one ㄧ including Stripe Connect for running multi-sided marketplaces, Billing for subscriptions and recurring payments, Radar for fraud detection and prevention, Sigma for analytics, and more.
Some of Mexico’s most innovative companies have already been testing Stripe’s products – including Cornershop, Homely, mienvío, Unitips and Urbvan – and their feedback has led to new features that benefit Mexican businesses. Stripe now accepts payments via OXXO, allowing customers to pay for online purchases in cash at convenience stores around the country. Up to 18 installments (“meses sin intereses”) are now supported on major card networks, and Stripe can dynamically inform businesses in real-time if the functionality is available on an individual customer’s card.
“Stripe recently opened an office in Mexico City so we can work more closely with forward-thinking businesses and build features and capabilities to meet their needs,” said Eduardo Serrano, head of product and operations for Latin America, Stripe. “We’re just at the start, and our Mexico team will continue to develop new products to accelerate the growth of Latin America’s internet economy.”
What Stripe does:
-Allows businesses to set up and run instantly. Stripe enables businesses to receive payments in over 135 currencies and through payment methods like OXXO and credit cards. Set up is fast, and merchants can get started in just minutes.
-Equips online businesses with a full stack to launch, run and scale. In addition to accepting payments, companies can use Stripe to build new business models like marketplaces, crowdfunding and subscriptions, handle accounting and optimize checkout experiences for mobile devices ㄧ all from one centralized dashboard. Plus, there are hundreds of third-party services that are integrated with Stripe ㄧ everything from invoicing to email marketing and customer relationship management.
-Fights fraud. Stripe Radar, the technology company’s fraud detection and prevention tool leverages advanced algorithms and machine learning to actively protect businesses from fraud. This is especially useful for businesses operating internationally, since fraud patterns and threats can vary significantly from one country to the next.
-Delivers seamless security. Stripe is certified to PCI Service Provider Level 1, the most stringent level of certification. Stripe also provides 3D-Secure (3DS) support, creating one-time-use codes for businesses to charge their customers; these codes cannot be stolen and re-used.
“Stripe has provided excellent service and made the payment process easy, fast and secure so we can ensure that our service professionals receive their weekly payments. We love that the values we offer to our users are the same values that Stripe offers to us,” said Melina Cruz, co-founder of Homely.
“Stripe allows us to safeguard our resources, and provides security and confidence to our users for each transaction. Our developers admire its excellent documentation and our financial department values the insights it provides to help guide our business,” said Carlos Gomez, CTO and co-founder of mienvío.
“Stripe has been a very important ally for Urbvan’s financial development. At an administrative level it has become an indispensable tool, and the transparency and detail of their reports give us a very helpful understanding of our income,” said Renato Picard, co-founder of Urbvan.
Mexico marks yet another step forward in Stripe’s global expansion, following launches in Malaysia, Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia, and Slovenia earlier this year. Globally, Stripe processes hundreds of billions of dollars per year for millions of businesses.