Much like Europe with their own versions of apps like Square including Payleven and iZettle, Mexico is on the threshold of discovering their own mobile payment champion in an app call “Clip”. Recently, the start-up received 1.7 million in new investments from an investment group called Alta Ventures along with another anonymous investor.Beyond the standard features of Square Register being cloned into their version of the app, they also allow buyers to choose to pay in up to 12 monthly installments for larger purchases; which is a crucial benefit in a country like Mexico. In fact, most of the investors, both existing and potential, are most excited about this financing feature. Mexico’s middle class isn’t as robust as the United States or counties throughout Europe, so offering financing will allow many consumers the ability to buy expensive items that they otherwise wouldn’t be able to afford.
According to Clip, this feature will also allow small companies to increase sales that aren’t able to offer their own financing options like the big chain stores; so it will essentially level the playing field. This is expected to give the economy of Mexico a huge spike as ordinary people are able to start financing purchases of things like appliances, computers, and high definition televisions. Coupled with Clip’s deal with American Express Mexico to make the American Express card their official card, they are certainly moving up quickly and are poised to become as popular and trusted in Mexico as Square is in the United States.