Mexico’s Retailers Boosting Payment Card Use. México :: Mexico

Mexico’s Retailers Boosting Payment Card Use


Fecha Viernes, julio 16 @ 09:31:32
Tema México :: Mexico


Mexico-based online bookseller, MercadoLibre, which claims to have 85 per cent of Latin America’s book market, is gearing to triple its online sales for 2004 to USD 810 million, up from USD 270 million in 2003

Transaction volume growth at MercadoLibre is keeping pace with the number of new Internet users, according to BNAmericas, with individual buyers comprising 90 per cent of its user base and business users, the remaining 10 per cent. eBay, the largest online auction firm in the world, is a majority stake-holder in MercadoLibre, which claims to be the biggest online commerce site in Latin America.

Banks in Mexico are also halving debit card fees to encourage Mexicans to make more card payments after finding that although three quarters of workers have debit cards, just one in eight uses payment cards for goods and services.
Within three years, the banks aim to have 500,000 retailers and service providers accepting debit cards, and are to invest in a program to install new POS terminals. The cut in debit card fees means the banks will lose 600 million pesos (USD 54.4 million) in annual revenues, but the move is seen as a conduit to Mexicans having similar debit card usage rates to US consumers within 8 to 10 years.


Business News Americas
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