Fabián Ferrari

Getnet has identified numerous opportunities in Mexico’s financial sector, particularly in promoting financial inclusion and addressing the unbanked population through its innovative solutions.

How do you see the finance and e-commerce sectors shaping up in Mexico?

There are huge opportunities in Mexico tangible in the financial sector, not just in nearshoring or in the automobile industry, but also the subsidies the government pays to Mexicans through debit cards, are changing the financial structure. There is also room enough for fintechs due to the fact that a significant part of the population remains unbanked, and the traditional bank system does not provide adequate financial services to all segments of the population. Getnet is here to help and promote financial inclusion, not just in Mexico, but also in Brazil. We have also decided to break monopolies in Chile, Argentina, and Uruguay. We are constantly entering into new territories and connecting solutions across regions.

Do you believe Mexico is moving toward closing the banking gap?

Yes, the country is moving forward in this aspect. Over the past five years, electronic payments penetration has risen from 17% of the population to 29%. There are two main reasons for this. First, fintechs have helped in the increase of merchants accepting payments, which means the offerings have evolved. In the past, people had to physically go to banks; however, now things are more convenient, and Getnet terminals can even be ordered online. Second, from a payments point of view, fintechs have helped increased the total number of cards in the market, which has been useful for the government to send subsidies or assistance payments. Those who were unbanked before now have cards. The country has made notable progress, although we are still at 29% market penetration when it should be 40%.

Getnet has been marketing its online payment solution with monthly instalments. Has this product been released?

Yes, we have released the solution, which is a “Buy now, Pay later” model. We are still conducting studies of the product because there is no interest rate, which means profitability is difficult to achieve. It is not the same as a credit card, but we are considering a relaunch to make the product more viable.

What differences have you seen in the Mexican market compared to other Latam markets?

Mexico is an innovative because we have teams that enable SMEs to have easier connections and cheaper solutions. For example, our services are for anyone that needs a payment terminal in a simple way. There are other players in the finance sector that offer open platforms, though they are focused on e-commerce whereas we integrate cash payment solutions, e-commerce, and remote payments. Basically, we integrate multiple payment solutions into one open-channel solution, being the only ones who have this.

In which projects are you expecting more innovation?

In public transport, we are currently working with Mexico City Metrobús and recently signed with the metro system. We also secured an initiative with the Monterrey Metro and the rail networks across the country. Our focal point is to reach everything that has to do with people’s mobility. We are also launching projects for users to pay road tolls with their cards and are conducting tests in parking lots. We are also exploring the possibility of working with companies to pay salaries via card instead of cash. There are numerous cash-based economic segments that it is difficult to reach them all rapidly. We also want to encourage contactless payments; Getnet has been a key player in issuing contactless cards. The more contactless cards in the future, the more transactions will increase.

What are your goals for 2024?

Getnet has identified the industries we are interested in such as the government, schools, education, pharmacies, auto parts, restaurants, and much more—basically, we want to be wherever cash is being used. Getnet is also working on an app to receive payments, which will mean that micro merchants will no longer need to buy a dedicated terminal.