Clip Partners with Visa to Boost Small Business NFC Mobile Payments

Mexican mobile payment company Clip is now working with Visa to help small businesses accept card and mobile payments. This is the first time Visa has partnered with a Mexican tech company like Clip.

What Are They Doing?

With Visa’s help, Clip will make it easier for small shops to use card readers that work on phones and tablets. These small shops can then accept Visa cards from customers. Clip already works with many local businesses, so this deal will help more people pay without cash.

In recent weeks, more people have been downloading and using the Clip app on their phones.

Why Does It Matter?

Most people in Mexico still pay with cash. Only about 1 out of every 100 stores has a card POS machine. In other countries like Brazil and Costa Rica, that number is much higher.

Visa and Clip want to change this by helping more shops accept contactless payments, where you just tap your card or phone to pay. It’s quick and easy.

Mexico’s Fintech Growth

In 2018, Mexico passed a new law to support fintech companies—businesses that use technology for money services, like payment apps and online banking. Since then, Mexico’s fintech industry has grown fast.

That year alone, 100 new fintech startups launched in the country. Now there are more than 270 of them, making Mexico the second largest fintech market in Latin America, after Brazil.

What Could Happen Next?

As more people use smartphones and mobile apps, digital payments will become more common. Big companies from other countries, like Ant Financial and Tencent from China, have already started investing in Latin America.

Experts think that Latin America could soon become one of the world’s most exciting places for digital finance—just like Southeast Asia did in recent years.

In Simple Words
Thanks to Clip and Visa, it will soon be easier for people in Mexico to pay without cash—and for small shops to accept those payments. That means faster checkouts, less need for coins, and more businesses joining the digital world.