13 March - MeaWallet, a leading digital payments enabler specialising in card tokenization, announces its partnership with Fondeadora, Mexico's leading financial service provider.
Fondeadora, renowned as the digital alternative to traditional Mexican banking, is on a mission to empower individuals by returning control over their finances. Being among the first Mexican mobile-only banks, Fondeadora has consistently been a driver for innovative financial solutions in the region. In March 2023, Fondeadora made headlines by becoming one of the first financial institutions in Mexico to introduce Apple Pay to the market.
Now, by revealing its partnership with MeaWallet, Fondeadora reaffirms its commitment to delivering secure digital payment services. MeaWallet's expertise in card tokenization has been instrumental in powering Fondeadora's offerings, including MeaWallet’s SDK Push Provisioning to enable Apple Pay, Google Pay, and integration with Mastercard Digital Enablement Service (MDES) through issuer processor Paymentology.
In Mexico there is a growing preference for mobile and online banking driven by increasingly digital lifestyles. Despite a substantial unbanked population, 94% of Mexican consumers utilise mobile banking apps or online banking services. Moreover, alternative mobile payment services, independent of traditional bank accounts are popular with 96% of users embracing them, thus highlighting the clear demand for Fondeadora’s digital financial services.
Tokenization and Digital Enablement lie at the heart of the MeaWallet and Fondeadora partnership. By replacing sensitive card information with unique digital identifiers, payment tokenization ensures secure transactions without exposing sensitive data. In addition, the integration of Mastercard Digital Enablement Service (MDES) and MeaWallet's SDK Push provisioning further enhances the efficiency and accessibility of digital payment solutions. Push provisioning streamlines the card issuance process to digital wallets, offering a seamless experience for consumers while facilitating customer acquisition for wallet providers.
Rodrigo Sanchez, Chief Operating Officer, at Fondeadora commented: "There is a clear appetite for new digital payment services, yet there are still 65 million people in Mexico who are excluded by conventional banking institutions. Clearly, the current system is broken, and we are on a mission to fix it and give people control over their money. But we cannot do this alone. Together with our integral technology partners, like MeaWallet, we are helping to drive Mexico’s era of digital payments, aiming to empower individuals with secure, convenient, and inclusive financial solutions."
Ignacio Gironella, Global Sales Director MeaWallet added: "We are delighted to reveal that we are supporting Fondeadora with our tokenization services, which are our specialty. Fondeadora continues to go from strength-to-strength in Mexico with many industry firsts. Our collaboration highlights a shared commitment to enabling more people to participate in the financial system in a safe way, and we look forward to continuing to support Fondeadora in leading the charge on this front."
