Fintech Company Pacto to Enter the Restaurant Sector Through Digital Payments

During 2021, point-of-sale terminals in Mexico recorded 1.132 billion transactions, while transfers 480 million and e-commerce reported 228 million transactions, according to the Annual Financial Inclusion Panorama 2022 prepared by the National Banking and Securities Commission (CNBV).

By 2025, it is estimated that around 78 million users will use digital payments compared to the 50 million that were counted in 2021, according to Statista, due to the expectations of electronic payments, financial technology companies are targeting the restaurant segments, which are lagging behind in the segment.

if you want to find more details about the fintech sector in Mexico and the recent digitization of the restaurant industry, download for free our companion app. The Born2Invest mobile app brings you the most important financial news from around the world so you can stay on top of what matters to you.

How the fintech sector could help the restaurant industry

In this regard, Santander, through its point-of-sale terminals Getnet Mexico, announced an alliance with the fintech company Pacto, to digitize more than 1,500 establishments in the industry by the end of 2023.

In an interview, Rodrigo Kuri, co-founder of Pacto, said that the receipt of digital payments in the restaurant sector is normalizing and estimated that about 70% of payments in restaurants are made through bank cards.

“The issue faced by restaurants is the reconciliation of card payments, bank terminals make a cut of all payments made that day so that the reconciliation is done manually, that is a problem, the truth is that for the time in which we are and the technological advancement that we live in Mexico,” said Rodrigo Kuri, commercial director and co-founder of Pacto.

According to Gordon Whitehouse, also co-founder of the fintech company, the digitalization of payments in the restaurant sector was due to a large influx of tourists in the country, whose main means of payment are electronic.

“These visitors have high expectations of being able to pay without cash, they want to use alternative methods such as Google Play, Apple pay, and international cards, at this moment there is a great opportunity to give the tools to businesses to accept different means,” commented Whitehouse.

Alberto Sada, executive director of Ventup, agrees that reconciliation is one of the biggest challenges facing the restaurant segment, but implementing a platform opens up opportunities for financing.

On the other hand, of the segment of digital finance and crowdfunding platforms, 85% of loans are destined to companies, according to the report “Fintech in Latin America and the Caribbean: a consolidated ecosystem,” and they also point out that micro, small or medium-sized companies generally face difficulties in accessing credit.

__

(Featured image by photosforyou via Pixabay)

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 ECONOMISTA, 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.