Arcus Adds More Cash Administration Options

Arcus announces its newest cash withdrawal solution, which includes the ability to do cash-outs, as a part of its Red Arcus Pay network. By joining this network, companies can offer their customers the opportunity to make and receive payments or withdraw cash from their online accounts.

“At Arcus we build solutions that allow our clients to offer a complete payment experience for the consumer. Cash is the most used payment method in the country, and we cannot ignore it. Building digital solutions that consider cash as a payment method is essential to offer a multi-rail payment platform. In addition, it strengthens our Arcus Pay network and creates value for consumers in the country,” says Marc Sacal, COO, Arcus to Business Insider.

Arcus, the multi-rail payment platform that enables companies to offer complete payment solutions, seeks to aid companies when making and receiving payments in cash to increase user retention. The company has Business to Business (B2B) alliances with several apps to develop payment solutions for the market.

The National Financial Inclusion Survey (ENIF) indicates that 78.7 percent of those between 18 and 70 years old use cash when it comes to purchases higher than MX$501 (US$24.26), and 90.1 percent use cash for smaller purchases, according to ENIF’s 2021 survey. The survey also indicates that only 6.2 percent of Mexicans in that said age group use debit cards for purchases smaller than MX$501 (US$24.26). The use of credit cards is even more rare, with only 1.2 percent of the population between 18 and 70 years old using credit cards as payment methods.

Rodrigo Treviño, Director of Product Commercialization, Arcus, told Business Insider that solutions for cash withdrawals, deposits and costs associated with handling cash are considerable challenges for merchants. Treviño also added that Arcus provides a major opportunity to increase a potential client base, with more than 104 million people in need of this service in Mexico.

Last year, Arcus announced that it would allow users to send and receive payments in real time 24/7 to any part of Mexico and to any SPEI participant. Banks, brokerage houses, sofipos and other regulated financial entities that comply with the Bank of Mexico’s (Banxico) security standards for SPEI participants can provide that service, as reported by MBN.