Payza marries cash, e-commerce in Mexico

Payza, an online payments provider, has made the Mexican peso an available currency within its platform.

Payza members in Mexico can now use their local currency to perform Payza transactions for online purchases, as well as instant P2P payments to  other Payza members, the company said in a press release.

A new feature for Mexican Payza account holders, "Add funds by OXXO," will allow members to add funds to their Payza accounts by creating an OXXO voucher and paying it at any one of more than 15,000 convenience stores across Mexico.

Mexican pesos transfered to Payza will be stored in the user's Payza e-wallet for use in online transactions.

"Although Mexico's e-commerce market is growing at a rate of over 21 percent, nearly double the global average, today's reality is that e-commerce penetration in the country is still very low," Firoz Patel, Payza global executive vice president, said in the release. "Because Mexican credit cards cannot be used for purchases outside of the country, access to global e-commerce has been difficult, to say the least. Now that Mexicans have the option to fund their online Payza accounts via OXXO, they have a local route to access the global economy — a complete digital payments experience in their local currency."

Topics: Transaction Processing

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