Visa announced last week an agreement with Grupo Bimbo and Blue Label Mexico to allow retail locations across Mexico to accept debit and credit card payments.
Blue Label Mexico is a joint venture between Grupo Bimbo, one of the world’s largest banking firms, and Blue Label Telecoms, Ltd., which provides prepaid airtime.
Since September, a team specially trained in merchant activation has begun to introduce mobile payment terminals at retail stores across Mexico, allowing retailers to accept Visa and non-Visa card payments, as well as offer bill pay and airtime refills.
“Grupo Bimbo has long recognized that small merchants are not only the social center for many communities in Mexico, but also a key driver of Mexico’s economic growth,” Hortensia Contreras, the vice president of strategic services at Grupo Bimbo and the CEO of Blue Label Mexico, said. “Grupo Bimbo is proud to provide our merchant partners with the latest payment technologies, ensuring they can continue to offer consumers everyday conveniences, from selling fresh groceries to accepting payment cards, prepaid products and services such as wireless airtime top-up.”
Visa has partnered with Plante Payment to develop a processing platform allowing Mexican retailers to accept, process and reconcile card payments.
“Our work with Grupo Bimbo and Blue Label is a great example of how Visa can partner with merchants to eliminate the inefficiencies of cash while bringing the convenience of electronic payments to more consumers,” Elizabeth Buse, the global executive of solutions at Visa, said. “In addition, increased use of payment cards can provide an important boost to the Mexican economy as shown in a recent study published by Moody’s Analytics earlier this year.”
Approximately 640,000 retailers across Mexico currently accept payment cards, and the joint effort is expected to significantly expand the number of mobile payment terminals and the acceptance of e-payments across the country.