Revolutionizing Cashless Payments in Mexico: The Case of Mimoni/Lumbrera

Gabriel Manjarrez ()
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Gabriel Manjarrez: Mimoni/Lumbrera

Chapter 30 in The Book of Payments, 2016, pp 359-366 from Palgrave Macmillan

Abstract: Abstract Mexico is famous for many things, including its Mayan pyramids, gourmet food, chocolate, traditional tequila, impressive reefs and coral formations, to name but a few. This chapter reveals an additional trend among the Mexican population. Within a climate of prevailing mistrusts, technology aversion and misinformation, the majority of the Mexican market is not formally banked. The last 15 years have seen almost no growth in per-capita bank consumer credit. Lack of formal credit scores and uncertain payment behavior make credit-card offerings risky. Within this context, Mimoni, a consumer lending company, offers cash-free solutions through direct personal interaction.

Keywords: Credit Risk; Credit Score; Consumer Credit; Debit Card; Customer Acquisition (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-60231-2_30

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DOI: 10.1057/978-1-137-60231-2_30

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