Traditional banking continues to make its way into the fintech ecosystem, this time through the launch of a brand that already has weight in other markets in the region. BBVA will bring OpenPay to the country to compete in the payment processing segment (PSP) and has already begun to take the first formal steps to install it in this territory.
This fintech company was founded in Mexico, more precisely in Querétaro, in 2013 by Eric Núñez, Heber Lazcano Camargo and Roberto Bargagli. They were looking for a provider to solve e-commerce for their venture and, not finding any that suited their needs, they created their own.
“With a single integration, the business can receive payments with cards, in cash, via bank transfer and affinity points, among others. This reduces collaboration costs for the business and increases sales by 25 percent,” the founders detailed on their website. The startup was a finalist in the BBVA Open Talent contest in 2015 and at the end of the following year the Spanish bank signed the acquisition commitment – it closed the purchase in 2017.
For the time being, BBVA formally incorporated the company under the name OpenPay Argentina SA and its share capital is divided between Banco BBVA Argentina SA (12.51%) and BBVA America (87.49%). Last April it had already registered the trademark with the National Institute of Industrial Property (INPI). Juan Christian Kindt, Director of Business Development of the institution, is the President; and Santiago Benvenuto, Manager of Payment Methods, is the VP.
Read more on the subject and find the latest financial news with our companion app Born2Invest, available for free for both Android and iOS devices.
What is the intention of BBVA
“Our intention is to create a robust platform with easy and fast integration so that any startup or company can implement traditional or mobile e-commerce and other more complex e-business models such as crowdfunding, Marketplace and wallets,” summarized Bargagli, CEO of OpenPay in his Linkedin profile. It also allows cash payments by depositing in convenience stores called Paynet.
In mid-2020, BBVA launched the fintech company in Colombia, where it expected to reach a market share of 5 percent. In Argentina, e-commerce grew 124 percent last year and moved more than $905 billion, according to a report by Kantar Insights for the Argentine Chamber of Electronic Commerce (CACE). For example, during the last Hot Sale, sales exceeded $ 25 billion, an increase of 29 percent compared to the 2020 edition.
While Argentina has an unemployment rate close to 12% and poverty higher than 42%, there are some dynamic sectors in job creation
The Argentine Chamber of Fintech prepared a study that shows that the technology-based finance sector already employs some 14,728 people and expects to generate 5,683 more jobs by the end of the year. The technology and digital product areas are the main generators of new jobs in the knowledge economy. According to the survey, eight out of ten positions in the fintech ecosystem will be created in these sectors. There, the most demanded roles are those of backend, fullstack, and frontend developers. More than half of the 302 companies that make up the ecosystem are actively searching for these profiles .
In the product area, the most required are product manager, product owner, product analyst and UX / UI designer. According to the Chamber report, digital payment companies are the ones that provide the most jobs, reaching 27% of the total fintech ecosystem , followed by credits (22%), technology providers, B2B fintech services, blockchain & crypto, investments, financing, insurtech and computer security.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in El Cronista, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
INTI Developed a Key Standard for the Cannabis Industry
INTI is currently organizing the first cannabinoid interlaboratory test through the Argentine Interlaboratory Service (SAI) to ensure the technical competence...
Why Bitpanda Applies for the MiCA License
Under MiCA, operators of crypto trading platforms would have to obtain a license from their national supervisory authority before commencing...
Immobiliallasta.it Raised 345,000 on Its First Crowdfunding Day
The funds raised on Mamacrowd by Immobiliallasta will be invested in technological development in order to improve the quality of...
Gold Made a New All-Time High This Week
Gold closed at a new all-time high on a weekly and daily basis, and I suspect also on a monthly...
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [++ A2 Hosting Affiliates Review]
Something's brewing in the Right to Repair space. Lawmakers are increasingly law-making. DIY fixer upperers are increasingly fixer uppering. And,...
Crypto2 weeks ago
Binance: $4 Billion Fine to End US Legal Problems?
Biotech5 days ago
Laboratorios Rubió Increases Sales by 40% in 2022 and Exceeds €100 million
Africa2 weeks ago
Souss-Massa: an SDR Dedicated to Agricultural Innovation
Impact Investing4 days ago
How Much Do We Know About Sustainability: The ESG Culture LAB Report