Same-Day Transfers! PhotonPay Adds Mexican Peso as a Payout Currency
Product Update | 2024-06-28 09:06:00
We are excited to announce that PhotonPay has recently added the Mexican Peso (MXN) as a payment currency.
Since the launch of the Mexican local collection account, PhotonPay has helped countless foreign trade companies overcome account opening challenges and enjoy lightning-fast payment processing. Now, with PhotonPay's connection to the Mexican local clearing network, companies expanding into Mexico can easily make payments in Mexican Pesos (MXN) through the local payment method SPEI. This not only shortens fund transfer times but also reduces currency exchange costs, providing strong support for your success in the Mexican market.
SPEI : Essential for Success in the Mexican Market
SPEI, which stands for 'Sistema de Pagos Electrónicos Interbancarios' (Interbank Electronic Payment System), is an electronic payment method launched by the Central Bank of Mexico in 2018. SPEI aims to provide fast, secure, and low-cost electronic transfer services for individuals and businesses, and it has now become the primary bank transfer method in Mexico.
Transaction Volume: In 2023, Mexico completed 3.63 billion transactions through SPEI, a 39.1% increase from the 2.61 billion transactions in 2022. This indicates that the adoption and trust in SPEI as Mexico's main electronic transfer method continue to grow. ([1])
Total Transaction Value: In 2023, the total value of transactions through SPEI reached 297 trillion pesos, an 8.3% increase compared to 2022. ([2])
These figures highlight the significant role SPEI plays in Mexico's financial ecosystem, especially in the digital commerce sector, where 91% of bank transfers are conducted through this system.
Sources：[1] SPEI® Information Module (MI- SPEI),Banco de México；[2]APMs in focus: SPEI – Accepting Mexico’s trending money transfer system,emerchantpay
Key Advantages of SPEI
Boost Sales Performance
While credit cards are one option for online payments in Mexico, offering local payment methods like SPEI can significantly enhance sales performance.
Real-Time Transfers
One of the most notable features of SPEI is its ability to process instant transfers. Payments are typically completed within seconds or minutes, much faster than traditional bank transfer systems.
Convenience
SPEI can be accessed through various channels, including online banking, mobile banking apps, and some ATMs, making it highly convenient for users.
Security
SPEI ensures transaction security with advanced technologies, including encryption, verification protocols, and continuous monitoring to detect suspicious activities.
Global Payment Acceptance
For businesses, the SPEI system supports global payments, making it an ideal choice for paying suppliers or salaries.
Why Choose a Localized Payment Collection Solution?
When expanding into a local market, understanding the market is just as important as ensuring secure and fast transactions to successfully receive payments. In Mexico, it’s common for buyers to make payments in the local currency, the Mexican Peso (MXN). If a seller doesn’t support MXN payments, they may lose the order. To address this, PhotonPay has officially launched a local payment collection account for Mexico, helping foreign trade companies overcome account opening challenges and facilitating their entry into the Mexican market!
What are the Advantages of PhotonPay’s Mexican Local Collection Account?
Simple Account Opening
No need for lengthy offline procedures. With PhotonPay, you can quickly open a Mexican local collection account entirely online. The account supports payments in the original currency, meeting the needs of businesses for low-cost, fast payout processing. Additionally, our dedicated Customer Success team is there to assist you throughout the process, helping sellers quickly kickstart their overseas operations.
Reduced Currency Exchange Losses
No need to exchange currencies. By utilizing the localized network to directly process payments in Mexican Pesos, you can effectively reduce intermediary bank fees and eliminate the complexities of the payment process.
Real-Time Payments
With local payments, overseas funds can be received as quickly as T+0, significantly improving the efficiency of funds handling for merchants.
Global Business Expansion
In addition to the Mexican local collection account, PhotonPay also supports local collection accounts in various currencies, including USD, EUR, GBP, HKD, and IDR. This coverage of major global markets meets the needs of foreign trade companies for global business expansion.
Latest Announcements
Back To News Center
PhotonPay Becomes a Mastercard Issuer in Hong Kong
To launch Mastercard Commercial Credit Card to help businesses better navigate market volatility
Company News |
2024-11-11 01:00:00
PhotonPay Partners with Coshine for Issuer Processing
PhotonPay, an innovative digital financial infrastructure service provider, has announced a strategic partnership with Coshine to optimize the capability of Photon Card through its issuer processing services.
Company News |
2024-11-07 11:00:00
PhotonPay and WotoKOL Enter Strategic Partnership
Recently, PhotonPay, an innovative digital financial infrastructure platform, announced a strategic partnership with WotoKOL, a leading global content marketing platform for international brands. Both
Company News |
2024-09-13 11:49:39
Latest Announcements
PhotonPay Becomes a Mastercard Issuer in Hong Kong
To launch Mastercard Commercial Credit Card to help businesses better navigate market volatility
Company News |
2024-11-11 01:00:00
PhotonPay Partners with Coshine for Issuer Processing
PhotonPay, an innovative digital financial infrastructure service provider, has announced a strategic partnership with Coshine to optimize the capability of Photon Card through its issuer processing services.
Company News |
2024-11-07 11:00:00
PhotonPay and WotoKOL Enter Strategic Partnership
Recently, PhotonPay, an innovative digital financial infrastructure platform, announced a strategic partnership with WotoKOL, a leading global content marketing platform for international brands. Both
Company News |
2024-09-13 11:49:39
