Image credits: David Grandmougin
News Article

Apple Pay Expands Services in Mexico

By Cinthya Alaniz Salazar | Fri, 08/06/2021 - 10:29

After debuting its services in February, Apple Pay will expand its services, now compatible with Visa cards belonging to Banorte, Banregio, Hey Banco, HSBC, Inbursa, Rappicard and Rappi Pay by Accendo. Apple pay uses near field communication (NFC) technology to carry out transactions with associated retailers, which allows buyers to make payments without carrying their bank cards, an attractive feature for urban populations that are more susceptible to assault.

"Every purchase with Apple Pay is secure because it is authenticated with Face ID, Touch ID or a passcode on the device, as well as a unique one-time dynamic security code. Apple Pay is accepted at convenience stores, pharmacies, taxis, restaurants, coffee shops, retail stores, apps and many more places,” said VISA.

To the disappointment of 12 million users however, BBVA is not among its new associates. The company has its own digital payment platform, BBVA Wallet, and has not given an official statement in response.

As of now, Apple pay can be used at the following institutions: 7-Eleven, Chili's, Cinépolis, Domino's Pizza, Farmacias Guadalajara, iShop, Italianni's, MacStore, Panda Express, Petco, PetroSeven, P.F. Chang’s, Shake Shack, The Body Shop, The Cheesecake Factory and Xcaret. In terms of mobility services and food deliveries users can pay with it at Bussi, Rappi, Uber, Uber Eats, Fancy, Hotel Tonight, Mueve Ciudad and Urbvan Transit.

Furthermore, Apple is planning a “buy now, pay later” debut in Canada with PayBright Partnership next month, which will allow their users to pay for purchases in installments over 12 to 24 months, reports Bloomberg. In order to incentivize engagement, Apple will offer the program interest free for a limited time after the launch.  The company is already associated with Goldman Sachs in the US, but the card is not widely available. However, if this campaign is successful in Canada, consumers abroad will likely demand it.

Apple is but one of many companies expanding its business model into financial services, which has alarmed the Bank for International Settlements (BIS), an umbrella group for central banks, which is calling for urgent regulation. This is saliently important for emerging economies like Mexico, which currently lack policy and regulatory oversight of these non-traditional finance actors.

The data used in this article was sourced from:  
Apple, BBVA, Bloomberg, BIS
Photo by:   David Grandmougin
Cinthya Alaniz Salazar Cinthya Alaniz Salazar Journalist & Industry Analyst