In LATAM countries, particularly Mexico, 10% of the population has a credit card. However, within credit card transactions, according to Mexico's central bank Banxico, around 65% of transactions from credit cards in any given year are installment-based.
While working at Morgan Stanley in NYC, Angel Peña, co-founder and CEO of Aplazo, a modern payment network offering payment solutions and merchant tools to help merchants sell more and grow their brands, discovered Mexico's huge cultural preference for paying in installments but also that the country had a major roadblock for mass adoption of purchase financing installment plans.
In this episode of the Fintech Thought Leaders podcast, Host Bill Cilluffo and Aplazo CEO Angel Peña discussed Mexico's underbanked population, the benefits of merchants being able to offer installment payment plans (BNPL) to 88% of the Mexican population who do not have credit cards and campaign installments, and the work Aplazo is doing to achieve financial ubiquity in Mexico.
Fintech Thought Leaders