Paymentology, a global leader in card issuance and payment processing, announced today its strategic partnership with Nelo, an emerging consumer payment platform in Mexico. The collaboration will include support for Nelo’s Mastercard for in-person payments through the ‘Google Wallet’ and the launch of physical cards.
Nelo, with more than 6 million online purchases made through its platform, aims to reinvent credit services in Mexico. The Nelo card, which will be compatible with Google Wallet, will allow customers to settle their entire balance immediately or finance specific purchases gradually. A distinctive feature of the Nelo card is the option of fortnightly partial refunds, a unique offer in the country’s credit card market.
The alliance with Paymentology gives Nelo access to a fast and scalable infrastructure solution. This infrastructure will enable Nelo to smoothly launch its “Tap to Pay” service through Google Wallet, as well as its physical card. Paymentology will offer its support so that Nelo can extend its reach to a larger customer base, allowing faster and more reliable access to credit.
This partnership comes at a critical time for Mexico, where more than 40% of the population still lacks access to formal financial services,according to the World Bank. The collaboration between Paymentology and Nelo has the potential to bring financial services to previously unbanked sectors and improve financial inclusion in the country.
Kyle Miller, co-founder and CEO of Nelo, stated:
“We are very proud to be among the first to enable Google Pay in Mexico. Through our collaboration with Paymentology, we have the experience and infrastructure to introduce a transparent and equitable credit solution.”
Alejandro Del Río, regional director of Latam for Paymentology, added:
“We are empowering Nelo to close the financial gap and are excited to continue supporting their mission to improve the purchasing power of their customers.”
The industry’s confidence in Nelo has been strengthened by its latest funding rounds. The company has raised over USD $25 million in venture capital and has secured a credit line of USD $100 million with Victory Park Capital.
The alliance between Paymentology and Nelo promises to change Mexico’s financial landscape, offering more inclusive and efficient solutions for access to credit and in-person payments.