The US-based financial services giant, Mastercard recently announced the acquisition of Arcus FI to facilitate real-time payment applications across the Latin American region. The latest acquisition has now enabled Mastercard to introduce its Bill Pay solutions across Latin America.
Arcus is a financial technology platform that supports the enabling of cash-in and cash-out services for some of the biggest retail and financial institutions in the US and Mexico. With offices in New York and Mexico City, Arcus offers different solutions including its flagship service Arcus Pay Network that has access to the largest retailers in Mexico.
Recently, the platform of Arcus received approval from Mexico’s real-time Interbank Electronic Payment System. The company has played an important role in the adoption of digital payment solutions in Latin America.
“The past year has shown how critical digital solutions are for people and businesses across the region,” said Laura Cruz, division president for Mexico and Central America at Mastercard. “With the addition of the Arcus team, we will enhance existing payment experiences and create new opportunities to address everyday needs by connecting more people to the digital economy.”
After a successful launch in the US, Mastercard is planning to expand its Bill Pay network in Latin America. The existing customers of Arcus in Mexico will be able to take advantage of innovative services.
“Arcus’ technology, network, and customer relationships will help accelerate the introduction of Mastercard Bill Pay to Latin America. Its existing customers issue the majority of household bills in Mexico and provide connection to a wide range of payment options via banks, fintech companies, and digital wallet providers. This same connectivity will deliver the channel for a broader suite of financial services. Mastercard Bill Pay allows consumers to view, manage and pay their household and other personal bills from within their preferred financial service provider’s app — securely, conveniently and with full control,” Mastercard added.
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