CoDi - the official Mexican online payment platform created by the Bank of Mexico - has announced that it is expanding into Europe through a partnership with Unlimint, a London-based fintech payments platform. 

Do you want to know more about international commerce and e-commerce, and also get all the tips and news that might give your company an edge? Subscribe to Cross-Border Magazine and get your digital copy now for free!

The partnership allows Unlimint to expand its portfolio of alternative payment methods with the addition of CoDi and encourages European companies to expand their operations in Mexico. 

With this new integration, Unlimint customers will receive a new, fast and secure payment method when making transactions using wire transfers, and businesses in Europe using CoDi technology, and also the European Unlimit customers will be able to expand into the Mexican market more easily.

At the same time, Mexican buyers will now be able to pay in Europe for online goods using a native solution. 

CoDi uses QR Code technology, free two-dimensional barcodes that are easy to implement on any mobile device, while Unlimint offers advanced payment capabilities through a financial interface focused on serving businesses around the world as it operates on 5 continents.

"We are delighted to be able to offer a new alternative payment method to businesses in Mexico. As consumers become more aware of online payment methods, it is important for merchants to facilitate secure cashless transactions. Adding CoDi to our portfolio demonstrates that Unlimint is committed to enabling customers to grow anywhere in the world and incorporate popular local electronic payment methods into their operations to remain competitive," said Irene Skrynova, chief customer officer at Unlimint.

CoDi current volume of transactions reaches over 6 million euros in Mexico

In 2018, Banco de México (Banxico) launched its CoDi payment platform with the aim of enabling more users in the country to make transactions through their cell phone. After more than a year of its launch, in 2021 the platform made close to 287,000 online money transfers which represents a total of 146 million Mexican pesos.

The post CoDi from Mexico expands into Europe with Unlimint appeared first on Cross-Border Magazine.

Yaydoo, a Mexican pioneer in blockchain-based B2B receivables and payments, has become the latest tech unicorn in LATAM, following a merger with Paystand to form a global network for B2B collections, payments, and transactions.

Do you want to know more about international commerce and e-commerce, and also get all the tips and news that might give your company an edge? Subscribe to Cross-Border Magazine and get your digital copy now for free!

Yaydoo is a platform formed in Mexico City by Sergio Almaguer, Roberto Flores, and Guillermo Treviño, currently operating in Mexico but intends to expand throughout the Americas thanks to its merger with the U.S. company PayStand.

This transaction allowed Yaydoo to obtain new investments, reaching a valuation of more than 1 billion dollars, making it a unicorn company. Both Paystand and Yaydoo offer a wide range of technology-based B2B solutions for automating transactions, payment processes, and invoice collection.

Yaydoo and Paystand plan a joint venture in LATAM 

The fusion between both companies was achieved after almost 3 years of negotiations where Yaydoo and Paystand recognized the opportunities they would have in case of working together, however, it was until this August that the strength of both companies allowed them to join.

In this sense, Sergio Almaguer stated that the two companies will continue working with their own brand and will maintain their operations in both countries while he will continue as CEO of Yaydoo. However, the long-term plan is that, once full coverage is achieved in Mexico and the United States, both firms will begin a process of international expansion.

"Yaydoo will be focused on emerging markets and Paystand will be focused on developed markets; the first step will be for them to grow strongly in the United States and Canada, and for us to expand from Mexico to Colombia, Peru, and Chile. Mexico will continue to be the crown jewel of Latin America and it is not for nothing that all the foreign players are coming here," said Almaguer.

The post Yaydoo has become the latest Mexican unicorn! appeared first on Cross-Border Magazine.

Canada’s adoption of a more restrictive threshold during its efforts last month to salvage a trilateral deal prompted Mexican negotiators to follow Canada’s lead, Economy Minister Ildefonso Guajardo said on Friday. The final version of the trade agreement will insulate retailers in both countries from facing greater competition from e-commerce companies like Amazon.com Inc and eBay Inc. The change was coming last-minute that it was not written into the agreement published last weekend. The new deal, called the United States-Mexico-Canada Agreement (USMCA), was meant by U.S. President Donald Trump to create more jobs in the United States.

U.S. negotiators originally pushed Mexico and Canada to raise import limits to the U.S. level of $800 from current thresholds of $50 and C$20, respectively. Traditional retailers in Mexico opposed such a big hike, fearing online companies would sell cheaper imports from Asia through the United States. Even so, Mexico initially agreed in August to raise the threshold on customs duties and taxes to $100 in its bilateral deal with the United States.

The Retail Council of Canada said the deal will protect retailers against a “massive change in the competitive landscape.” Mexico decided to follow suit, Guajardo said, favoring local clothing, footwear and textile industries, as well as the finance ministry that collects duties and taxes.

The post Final tweaks in North American trade deal keep lid on e-commerce appeared first on Cross-Border Magazine.