Payza Brings New Funding Options to Mexico, Bolstering Country’s E-Commerce

Mexican Payza users can now use Mexican pesos for their online transactions and add funds to their Payza accounts via OXXO

Payza announced that the Mexican Peso is an available currency within the Payza platform. Payza members in Mexico can now perform their Payza transactions using their local currency to make online purchases in pesos, and send pesos to other Payza members instantly. Pesos can also be converted within a Payza account to other foreign currencies supported by Payza, such as US dollars, Canadian dollars, Euros and British pounds, in order to complete international purchases or obtain a Payza Card.

Payza also announced the introduction of “Add funds by OXXO” for Mexican Payza account holders. Members can add funds to their Payza accounts by creating an OXXO voucher and paying it at any one of the 15,000+ convenience stores located across Mexico. The Mexican pesos they transfer to Payza will be stored in their Payza e-wallets for use in online transactions.

“Although Mexico’s e-commerce market is growing at a rate of over 21%, nearly double the global average, today’s reality is that e-commerce penetration in the country is still very low,” explained Firoz Patel, Global Executive VP for Payza. “Because Mexican credit cards cannot be used for purchases outside of the country, access to global e-commerce has been difficult, to say the least. Now that Mexicans have the option to fund their online Payza accounts via OXXO, they have a local route to access the global economy — a complete digital payments experience in their local currency.”

Mexico’s retail industry is currently driven by local payment options, and since most local Mexican debit cards cannot be used for online transactions, credit cards remain the most common online payment method. Payza’s integration with OXXO is a viable alternative that will help meet the daily e-commerce needs of shoppers in Mexico who can benefit from a low-cost deposit option.

This highly secure method of payment transaction services between Payza members and OXXO customers will facilitate a single and comprehensive solution for Mexican online shoppers. The new feature follows other targeted local currency initiatives Payza has launched internationally, such as in India, Canada and Brazil.

For more information about Payza’s “Add funds by OXXO”, visit: https://blog.payza.com/payza-updates/announcements/services-mexico-introducing-add- funds-oxxo- mexican-peso- support/