Belvo, a leader in fintech, announced a new product that will allow companies in Mexico to make recurring payments by direct debit to any bank account.
Belvo simplifies payment experiences by allowing users to link bank accounts and approve automatic and recurring payments for in-app services. The most demanded functions are subscriptions, service fees, credit collections, and wallet financing.
“This product can help reduce fraud, increase conversion, and lower the costs of this payment method, making it easier and safer to move money between bank accounts,” said Federica Gregorini, Belvo’s General Manager in Mexico.
According to the Bank of Mexico’s 2021 report, electronic transactions linked to automated payments have increased by an average of 10.3% annually from 2015 to 2021, reaching nearly 140 million electronic automated payments in the country in 2021.
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