Stripe Open For Business In Mexico

Mobile payments startup Stripe announced its official launch in Mexico, the second-largest economy in Latin America.

While retail eCommerce is expected to grow in Mexico by 35 percent this year, 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,” John Collison, co-founder and president of Stripe, said in a press release. “At Stripe, our goal is to grow the internet economy by providing the best platform for ambitious businesses to start and scale online.”

Online companies in Mexico will now have access to Stripe’s entire product offering, to launch, run and scale their business globally, 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.

“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 at 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.”

Some of the companies that have already been testing Stripe’s products include Cornershop, Homely, mienvío, Unitips and Urbvan. Stripe now accepts payments via OXXO so that customers in Mexico can pay for online purchases in cash at convenience stores around the country, and up to 18 installments (“meses sin intereses”) are also now supported on major card networks.

“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,” explained Melina Cruz, co-founder of Homely.