Partnership between global commerce leader and emerging market financial technology unicorn provides reliable payment technology tailored to specific needs of Mexican SMBs.
The direct integration, now live in Mexico, enables Lightspeed eCommerce merchants to effortlessly start accepting local payment methods in Mexican pesos. This industry-specific solution will allow merchants to facilitate direct bank-to-bank transfers through Mexico’s SPEI system, accept cash through digital voucher payments such as Oxxo, and accept local credit and debit cards such as Visa, Mastercard, American Express or Mexico’s Carnet Debit. This year, online spending in Mexico is projected at $48 billion, with only 26% of Mexico's online purchases paid via domestic debit and credit cards. OXXO, the leading cash payment method in Mexico, generates 20% of eCommerce sales in the country, according to dLocal data. With the ability to offer a wider variety of payment methods, Lightspeed merchants can expect a revenue injection from new customers with increased access to their merchandise. “Local payment methods are able to reach a broader audience in countries like Mexico where over a third of the population prefers alternatives to credit cards when paying for online goods and services,” said Rodrigo Sanchez Prandi, Senior Vice President of Product at dLocal. “At dLocal, we know local payment preferences and habits in emerging markets. We’re proud to partner with Lightspeed on this solution as they continue their mission to simplify business for SMBs.”