Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Trade-offs Impact en las Americas New Revivalists
Local and Inclusive Climate Finance Catalytic Capital Capital on the Frontier Best Practices Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Locavesting Entrepreneurship Gender Smart Return on Inclusion Good Jobs Creative economy Opportunity Zones Investing in place Housing New Schooled Well Being People on the Move Faith and investing Inclusive Fintech
Clean Energy Farmer Finance Soil Wealth Conservation Finance Financing Fish
Innovative Finance
Personal Finance Impact Management
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States
Subscribe Log In

Spanish bank BBVA expands in Mexico with electronic payments and blockchain

Internet giants like Alibaba and Softbank are on the hunt globally for mobile-money and electronic payments platforms, increasingly built on blockchain technology.

BBVA, the big Spanish bank, is moving to bolster its own such offerings in Mexico with the acquisition of Mexican payments platform Openpay and the launch of a money transfer serviceusing blockchain technology from Ripple.

With a network of 15,000 payment points in Mexico, Openpay processes one million transactions each month for more than 1,000 small businesses and large corporations.

With Ripple’s software, BBVA expects the move to cut the time it takes to complete an international transfer from four days to a few seconds. Ripple estimates its software could cut costs for customers by up to 81 percent.

Banks are increasingly looking for fintech partners to help them ride the ongoing disruption in financial services.

You might also like...