MEXICO CITY – November 13, 2019 - Visa (NYSE:V) today announced a multi-year strategic collaboration agreement with long-time partner Clip, a leading Mexican fintech delivering mobile point-of-sale (mPOS) solutions that enable Mexican merchants of all sizes to grow their business by accepting digital payments.
After several years of working together in the Mexican market, Clip and Visa will now focus on accelerating acceptance via Clip’s solutions such as mPOS and tablet POS devices. In addition, Visa and Clip will work to drive financial inclusion of micro and small merchants who are not accepting digital payments today, and expand Visa’s capabilities including Visa Direct – Visa’s real time payments solution – in the region. This agreement marks Visa’s first partnership with a Mexican fintech.
“We’re excited to expand our partnership with Clip, together we will provide businesses with efficiency, inclusion, convenience, simplicity and growth,” said Eduardo Coello, Regional President for Visa Latin America and the Caribbean. “Clip’s proven leadership in accelerating digital payments acceptance in Mexico and building strong relationships with the mom and pop merchant community makes them an outstanding fintech partner to help us expand access to digital payments. Under this deepened partnership, we will continue working together to grow our technology and capabilities and increase financial inclusion efforts across the region, he added.”
Digital payments acceptance in Mexico is poised for significant growth opportunities. With only 1,000 POS terminals per 100k inhabitants in the country, payment facilitators such as Clip are transforming this acceptance environment and driving growth with a strong focus on mPOS solutions. Clip’s unique model has been disruptive in the market. Now micro, small and medium businesses can purchase a Clip product from anywhere, by simply walking into a convenience store or online, and setting up their new merchant account in minutes – breaking all previous acceptance barriers and friction, while significantly reducing the cost of accepting debit and credit cards for merchants.
“Clip has grown at a rapid pace to the point that today we are leading the acceptance space in Mexico, and this agreement with Visa represents a key step in our efforts to continually improve and innovate to help merchants increase their growth through a seamless point-of-sale experience," said Adolfo Babatz, CEO & Co-founder of Clip. “Combining Visa’s reach and capabilities with our incredibly simple solutions is a winning strategy that will help us take digital acceptance to the next level.”
Driving inclusion and digital payments
This partnership builds on initiatives Visa and Clip have engaged in over the last several years, together we have worked to grow the number of merchants accepting electronic payments in Mexico and just last year hundreds of thousands of micro merchants were affiliated to accept digital payments and are now part of the financial system. Visa and Clip have also collaborated to promote acceptance at tourist destinations and to educate new merchants on how to manage their mPOS and grow their business.
“Fintechs have a tremendous effect on the whole ecosystem and along with Clip, we share a vision for driving digital inclusion and displacing cash through the growth of digital payments acceptance and the benefits and opportunities it brings to the entire Mexican economy, including unreached and under-penetrated segments that are still heavily dependent on cash,” said Luz Adriana Ramírez, Country Manager for Visa Mexico.
In Latin America and the Caribbean, small and medium businesses (SMBs) contribute significantly to the local and regional economy, 99% of companies in the region are SMBs and they represent 61% of formal employment and 25% of GDP, according to CEPAL data.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
Clip is Mexico’s leading solutions for SMBs to accept digital payments. Clip transformed card acceptance in Mexico by offering different models of portable card-reading hardware to accept all credit and debit cards as well as other payment options. The company is an ally focused on empowering Mexican businesses via a set of tools designed to increase merchant’s sales and help them manage their business. The company currently offers three hardware products (Clip Classic, Clip Plus and Clip Pro) and other solutions to help merchants thrive. For more information visit www.clip.mx Clip is a financial technology startup based in Mexico City (MEX) and Silicon Valley (USA).