Startup News

Mobile payment startup Stripe expands into Mexico

LatAm ListStripe Inc., a San Francisco-based mobile payment startup, recently launched operations in Mexico. The expansion takes place three weeks after the launch of CoDi, a central bank-backed system. 

With a general distrust of established banks among the Mexican population, Stripe differentiates itself from CoDi by allowing users to make payments worldwide.

“We can make life simple, whatever the payment systems are required… You can just go back to building your business,” said John Collision, Stripe cofounder.

According to Bloomberg, CoDi’s system is considered to be “the infrastructure upon which established banks can build their own payment applications using QR code technology.”

Stripe will consider adding CoDi into its payment system if there is adequate demand from users.

“We’re excited about any initiative that will help internet companies in Mexico reach more customers and grow more quickly… We’re certainly open to adding CoDi as a payment option as we expand our presence in Mexico,” said Eduardo Serrano, head of Stripe’s Mexico office.

Currently, millions of companies across more than 100 countries use Stripe to start, run, and scale their businesses online.

Read more on dataplor.

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