BBVA Mexico acquires Telefonica payments platform

LatamListBBVA Mexico acquired Telefonica’s payments platform Adquira. The bank already owned 50% of the business before the purchase. They stated that the move was a “commitment to technological innovation and digitalization of online payment solutions”.

BBVA has around 21.9 million clients in Mexico, 10.8 million of which are digital. The bank completed the purchase through its OpenPay subsidiary, which has been a part of BBVA since the acquisition in 2017.

“Without a doubt, this will strengthen the payments and services ecosystem in the country in many positive ways. It will continue the digitization of payments, which is fundamental to continue offering the best financial services,” said Hugo Nájera, Head of Business Development and Digital Banking at BBVA Mexico.

During the global pandemic, BBVA Mexico strengthened support for digital banking through extra funding. The bank will continue to support financial services innovation across Latin America with this latest acquisition.

Read more on Expansion.

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