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Fintech Company Pacto to Enter the Restaurant Sector Through Digital Payments

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

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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.

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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.

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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.

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(Featured image by photosforyou via Pixabay)

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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.

Sharon Harris is a feminist and a part-time nomad. She reports about businesses primarily involved in tech, CBD, and crypto. She started her career as a product manager at a Silicon Valley startup but now enjoys a new life as a personal finance geek and writer. Her primary aim is to provide readers with a new perspective on the overlapping world of finance and technology.