Global Payments, a provider of payment technology and software solutions, has extended its partnership with Banamex to enhance payment services in the acquiring and banking sectors in Mexico.

Purpose of the Renewed Partnership

This renewed collaboration is aimed at expanding market presence, identifying new business opportunities, and providing superior services to merchants across various segments.

Through its EVO Payments division, Global Payments has processed nearly 900 million transactions through over 250,000 Point of Sale (POS) systems in Mexico as of the latest data available.

Scope and Goals of the Partnership

Together, Global Payments and Banamex intend to cater to a wide array of merchants, ranging from small and medium-sized enterprises (SMEs) to large enterprises, including both tech-savvy businesses and traditional establishments.

Global Payments will offer integrated payment solutions while Banamex provides its banking services offerings, working in tandem to serve the diverse needs of clients within the Mexican market.

SMEs in Mexico

Statistics from the Instituto Nacional de Estadística y Geografía (INEGI) reveal that SMEs constitute over 99% of all businesses in Mexico, contributing about 52% to the Gross Domestic Product (GDP). These enterprises, including local retail stores and restaurants, employ nearly 72% of the workforce.

Challenges Facing Mexico’s SME Payment Ecosystem

The SME payment landscape in Mexico is encountering new challenges due to regulatory changes, increased digital adoption, and government initiatives focused on SME growth. As of the latest figures, there are 5 million POS terminals in Mexico, with 70% being mobile devices co-developed by aggregators and payment facilitators.

Predictions for the future indicate that by 2024, the industry could process a transaction volume of USD 676 billion, with POS transactions accounting for approximately USD 618 billion, of which about 62% were digital. This figure is expected to rise by four percentage points by 2027.