BBVA announced Tuesday (Jan. 3) it inked an agreement to buy Openpay, a startup in Mexico that offers online payments.
In a press release, BBVA said the move is part of its efforts to speed up transformation of the company by increasing its portfolio of digital businesses. Openpay is a payment service provider (PSP) that enables digital payments, including on mobile devices, for large businesses and SMEs. It combines a real-time platform that allows users to make card, cash and loyalty points payments and bank transfers in a single integration. BBVA said the Openpay platform also uses advanced tools to prevent fraud. Openpay operates through its Paynet network in Mexico that consists of more than 12,000 associated points of sale.
With the acquisition, BBVA Bancomer, which is already collaborating with Openpay, said it increases its range of online payments solutions. At the same time, it enables Openpay to strengthen its commercial firepower by joining forces with Mexico’s largest bank.
“Openpay is the next logical step within BBVA Bancomer’s aim to offer innovative, user-friendly payments solutions. We are very happy to welcome the Openpay team on board, and we are eager to start working with them,” said BBVA Bancomer General Manager Eduardo Osuna.
According to BBVA, eCommerce is increasing around the world, particularly in Mexico, driven by huge growth in digital payments, the adoption of smartphones as a way to make payments and credit card penetration. Openpay Cofounders Roberto Bargagli, Eric Núñez and Héber Lazcano will continue to manage their team from Openpay’s offices in the state of Querétaro.
“This acquisition shows BBVA’s commitment to digital transformation, and it is an example of how FinTech firms and banks are going to revolutionize the global ecosystem together. We will work with tremendous enthusiasm to take advantage of this huge potential,” said Bargagli in the press release.