Furthering the Mexican Banking SystemTue, 01/03/2017 - 16:13
The appearance of new players and fintech companies in the banking segment has prompted traditional banking institutions to look for ways to keep pace. American Express is leader in the Premium segment, but the changing landscape of the country’s social pyramid is prodding it to increase its product offering. “With the growth of the middle class, we have recognized that we should target that sector with credit products,” says José María Zas, President of Global Card Services Brazil, Argentina and Latin America of American Express.
This strategy is not only a way for American Express to increase its client base but also to further the banking system in Mexico. “Almost 90 percent of Mexican consumers’ transactions are in cash. Mexico has an opportunity to deepen its penetration of the electronic payments markets,” says Zas. “Mexico’s banking system estimates 20 million credit cards in circulation although single customers total 10 million, since many have several cards. Brazil has 200 million cards and Argentina has 40 million. Mexico’s aspiration should be to reach 60 million cards.”