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Tech companies within Mexico are not in awe of what Silicon Valley has already achieved and will in the future, but rather see it as an inspiration to drive their own growth.
That’s the view of many LATAM tech market observers who say that companies do not look at Silicon Valley for ideas, or investment, but see it as an example of what can be achieved in the right environment.
It’s said there exists within LATAM, and especially Mexico, the right entrepreneurial attitude to build tech companies that will spread their influence throughout the globe, but what has held advancement back has been the infrastructure, both in terms of logistics and payments. But with Fintech companies making in-roads into this sector, especially the payments infrastructure, this will be the catalyst for future strong growth. Once this happens, it’s acknowledged that the biggest Spanish-speaking market in the world will quickly become one of the hottest e-commerce spots worldwide.
Logistics is crucial as well of course and a recent example of how companies are working together to get around delivery problems comes with the launch of a pilot project between US e-Commerce giant Amazon and Oxxo stores in Mexico, owned by Fomento Economico Mexicano (FEMSA).
The project is said to involve Amazon orders being delivered to the Oxxo stores for collection by customers. The test phase of the project will involve initially just eight Oxxo stores, but it’s hoped that some 13,000 stores will be involved within the retail Group.
Analysts have welcomed the initiative, citing only one major reservation – will the Oxxo stores have the capacity to store the wide range of Amazon purchases that can potentially be ordered?
That aside, this initiative is regarded by observers as another example of companies making the most of their situation in order to maximise their commercial advantages.
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allpago enables start-ups to Fortune 500 companies to offer the necessary local payment methods in the Latin American market, which account for around 80% of their revenues. Current clients include Art.com, Getty Images, Intel Security McAfee, Norton Symantec, Paylogic, Sumup, Teamviewer and many other leading payment and digital companies.
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