Visa Partners With Mexican Mobile Payment Company Clip To Accelerate Global Market Presence

- Nov 27, 2019-

It is learned from foreign media reports that Visa recently announced a strategic agreement with Mexican payment solution provider Clip, which aims to deepen the acceptance of electronic payment by local SMEs.

It is reported that Visa will help push Clip's point of sale (POS) terminal solutions to devices such as tablets. At the same time, Clip will use its MSME network to expand the use of Visa cards in the Mexican market and real-time payment services.

According to a survey by the United Nations regional commissions, SMEs still play a vital role in the global economy. Specifically, they account for 25% of Latin America's GDP. But in countries like Mexico, the use of electronic payments remains a major limiting factor. Visa says the country has 1,000 POS terminals per 100,000 people. This compares to 3,233 in Brazil and 4,787 in Costa Rica.

Visa's fiscal fourth quarter fiscal 2019 financial report shows that Visa's net revenue was US $ 6.137 billion, an increase of 13% year-on-year, mainly driven by the continued growth in payments, cross-border transactions and processed transactions. Among them, service revenue was US $ 2.536 billion, an increase of 9% year-on-year; data processing revenue increased by 16% year-on-year to US $ 2.769 billion; international transaction revenue increased 11% year-on-year to US $ 2.18 billion.