Mexico boasts one of the most robust digital economies in Latin America, with over half of its population shopping online, making it one of the top five countries for e-commerce growth worldwide. As a result, consumer expectations have risen significantly. Currently, 70% of online shoppers consider themselves experts in digital transactions. Among the aspects highly valued by users, speed, and security rank highest, with accessibility coming in third place, given that not the entire population is banked.
Can you imagine the impact of having your transactions completed in less than 30 seconds, with immediate confirmation for your users? That’s precisely what integrating SPEI through PayRetailers can bring to your business. In this blog, we will delve into everything you need to know about this payment method.
The Instant Payment Revolution
Before 2020, traditional methods like cash and card payments dominated in Mexico and Latin America. These methods were not accessible to the entire population, with limitations in terms of speed, cost, and availability. Solutions like PIX aimed to address these issues and, in response, gained widespread adoption, transforming the way payments are made in Brazil and beyond. As a result, other Latin American economies explored similar options for instant payments.
This is how Mexico successfully replicated the secure environment provided by these instant payment methods, extending it to all its users and businesses. Whether you need to pay bills, enter the gaming ecosystem, or make online purchases, SPEI offers an efficient and reliable way to do so. It has transformed how users and businesses conduct transactions, providing peace of mind and efficiency that exceeded all expectations, setting an example of how to implement a successful instant payment system in an emerging market.
Currently, approximately 80.9 million transactions are conducted through SPEI each month, and in March of this year, it witnessed an astonishing 40% growth, making it the month with the highest number of operations: 279.3 million, or roughly 6,257 transactions per minute.
Why Integrate SPEI via PayRetailers?
The integration of SPEI through PayRetailers offers numerous advantages for businesses in Mexico. Here are the key benefits:
- Speed: SPEI bank transfers are completed in under 30 seconds, making it virtually instant. Real-time confirmation provides reliability for customers, making it ideal for businesses in need of quick and efficient payments.
- Security: SPEI employs advanced security measures, including secure data encryption, to protect information transmitted during transactions. This ensures that personal and financial data remains safeguarded against potential cyberattacks.
- Convenience: By enabling online bank transfers, the need for checks or cash is reduced, which is essential for businesses looking to enhance the efficiency and security of their financial transactions. With the availability of SPEI transfers 24/7, PayRetailers ensures that your transactions are conducted swiftly and securely at any time.
- Time and Cost Savings: SPEI reduces the time and costs associated with check issuance and processing, as well as the need to visit a bank branch to conduct transactions. This efficiency saves time and resources, allowing businesses to focus on their growth.
The Payments Industry and the Gaming Sector
With around 66.5 million gamers in Mexico, the video game sector is booming, and many of them utilize various payment methods to access platforms and make digital purchases. Significant growth in transactional activity through SPEI has been observed over the past two years, underscoring the importance of SPEI as a payment option in the rapidly expanding gaming sector.
We invite you to download our guide for more insights into the Mexican market and how PayRetailers can be your partner for success in this thriving market. Furthermore, we’ll be at SIGMA Europe in Malta from November 13 to 17. Join us and discover how we can help you make the most of the opportunities in Mexico!