BBVA Bancomer, PayPal give rise to e-commerce alliance

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Thursday, June 16, 2011

Mexico's BBVA Bancomer, the local unit of Spanish banking group BBVA (NYSE: BBVA), has formed a partnership with online payment service PayPal to allow more than 1mn Mexican SMEs to receive domestic and international payments, the bank announced in a statement.

According to the bank, in 2010 more than US$2.39bn were moved in e-commerce sales, up 31% from 2009.

"E-commerce is an important opportunity to allow SMEs to reach new consumers and to offer their products within the country and abroad," said Federico Gómez, PayPal's general director in Mexico. "With this alliance with BBVA Bancomer, bank customers will be able to accept online payments from more than 230mn PayPal users and in 25 currencies, including dollars, euros and Mexican pesos."

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The partnership will allow businesses to set up a website and a virtual shop with BBVA Bancomer, as well as the capacity to open a PayPal account to start online sales, said Mark Stuart, PayPal's sales manager for Latin America.

SMEs are responsible for 41% of Mexico's jobs, said BBVA Bancomer SME business segment director Rafael Frías, and "these tools will allow them to cut down on costs, reduce the time of the purchase-sale operation and make online transactions."