Global issuer-processor Paymentology has partnered with financial service provider Fondeadora to expand payment services in Mexico and bring Apple Pay to digital banking customers. The collaboration is set to enable Paymentology’s card issuing platform and analytics capabilities to expedite next-generation financial services in Mexico with Fondeadora, which activates in the region with the aim of addressing the shortcomings of the conventional banking system.

Fondeadora offering and what the partnership entails Based on the information detailed in the press release, Fondeadora’s advanced app enables both individual and corporate clients to use, save, and manage their money in an increasingly efficient manner. Following this collaboration, Fondeadora is set to leverage Paymentology’s cloud-based digital payment platform towards the delivery of a simplified payment experience for its customers. By doing so, the company can provide expedited transaction processing, advanced security measures, and improved data analytics.

This is believed to be a ‘significant achievement’ for the collaboration, as Fondeadora has become among the front-runners in Mexico to provide its customers with the convenience of making use of their debit card via their Apple Wallet. Following the addition of this feature, cardholders are given the option to carry out payments both online and in-store with participating merchants accepting this payment method in a quick and secure manner. Commenting on the announcement, Jorge Fernández General Manager at Fondeadora advised that the company is proud to be among the first financial institutions in Mexico to bring Apple Pay to its customers, adding that the collaboration with issuer-processor partner Paymentology is what enabled Fondeadora to launch the dynamic service.

As per the press release, the company’s launch of Apple Pay marks a step forward in offering the most recent and ‘innovative’ financial services to Mexico’s payments market, which has a projected compound annual growth rate (CAGR) of 15. 75% between 2022-2027. The solution enables customers to make payments throughout several countries in Latin America, including Argentina, Colombia, Costa Rica, Brazil, and Peru, in addition to anywhere else worldwide where Apple Pay is accepted.

What is more, customers can leverage Apple Pay’s advanced security technologies of the likes of Face ID and Touch ID to ensure that each transaction is secure and protected. Additionally, they are enabled to carry out online purchases with no requirement to enter their payment and shipping information manually each time they do so. Adding on the announcement, Alejandro Del Rio, Regional Director Latam at Paymentology stated that the digital economy in Mexico has evolved following the COVID-19 pandemic and with it so have consumer demands around digital payment methods.

The spokesperson believes the company’s payment technology together with Fondeadora’s understanding of Mexican customers’ needs to be a ‘perfect’ cooperation for activating within the rapidly transforming financial services industry in Latin America. .