Paytech company Kushki announced its registration as an acquirer with the Mexican Banking and Securities Commission (CNBV) on Wednesday, July 19. With this move, the company secures its position among the of the five non-banking acquirers in the country. This pivotal registration marks a new era for the payment’s ecosystem in Mexico, as Kushki introduces innovative technological solutions aimed at revolutionizing and improving payment processes.
Despite not being a traditional banking institution, the recent acquirer registration allows Kushki to process credit and debit card transactions on behalf of merchants or businesses that accept alternative payment methods. The CNBV's decision to grant this approval recognizes the extensive capabilities of Kushki's digital payment highway.
Kushki's payment infrastructure boasts a remarkable track record of ensuring secure, efficient and swift transactions, greatly enhancing customer satisfaction and reducing costs associated with digital transactions, says the company. Kushki operates in five Latin American countries and has demonstrated remarkable adaptability to each country's unique regulatory landscape, providing tailor-made solutions to individual customers.
The company accumulated a 200% operational growth during the 1H23 compared to the same period in 2022, says Kushki in a press release. This astounding growth can be attributed in part to the strategic acquisition of Billpocket in August 2022, a Mexican company focused on offering technological solutions regarding alternative methods of payment, such as debit cards, credit cards, digital wallets and vouchers. Kushki continuous expansion throughout Latin America, and the efficiency of its digital payment technology, has also played a pivotal role in driving its economic growth and overall development.
Kushki also announced the appointment of Fernando López Lacroix as its new Country Manager for Mexico. For 15 years, López led the Latin American team at Verifone, where he expanded the company's presence and regional penetration. His extensive expertise in the financial industry, particularly in alternative payment methods, strategy and technological implementation, positions him as a valuable asset to Kushki's growth.
"I firmly believe that payment technology will play a crucial role in enhancing companies' competitiveness and driving greater financial inclusion in the digital economy. I am thrilled to take on this new role at Kushki and contribute my experience to strengthen our omnichannel strategy and fulfill the company's mission of connecting all of Latin America through seamless payments," says López.
With the recent acquisition of BillPocket and the acquirer registration, Kushki is set to redefine the payment landscape in Latin America, propelling both financial innovation and technology. Given that Mexico is one of the five key locations where Kushki operates, the country stands to benefit from the company's growth in 2023.