- What is Arcus Mastercard? The fintech acquired by Mastercard received authorization as an IFPE in Mexico
- This allows it to open electronic payment accounts and facilitate transactions through the SPEI.
- It is part of the 56 IFPEs operating in Mexico, consolidating Mastercard’s fintech strategy to strengthen the digital economy.
What is Arcus Mastercard?
It is a fintech acquired by Mastercard that recently received authorization to operate as an Electronic Payment Fund Institution (IFPE) in Mexico, in accordance with the Law to Regulate Financial Technology Institutions (Fintech Law).
With this license, published in the Official Journal of the Federation (DOF) in September 2023, Arcus aims to strengthen the digital economy and expand its financial service offerings in the country.
What is Arcus Mastercard and its new authorization under the Fintech Law?
Before obtaining its IFPE license, Arcus was only registered as a money transmitter and participant in the Interbank Electronic Payment System (SPEI). This authorization, granted by the National Banking and Securities Commission (CNBV), allows the company to open electronic payment accounts and facilitate the sending and receiving of payments for both national and international businesses.
According to Mastercard, this approval will increase its presence in the Mexican market and offer valuable solutions to its business partners, positioning it as one of the 56 IFPEs currently operating in the country, according to the Mexican Financial System Catalog (Casfim).
Impact on the growth of SPEI
The license will allow Arcus to boost the growth of the SPEI, a system that processed more than 3.823 billion transactions in 2023, according to data from the Bank of Mexico. Currently, the SPEI has 84 direct participants, including banks (51.2% of the total) and non-bank financial intermediaries (38.1%).
With Arcus operating as an IFPE, it is expected that new regulated companies will have access to more efficient electronic payment services, which will contribute to the continued development of the fintech ecosystem in Mexico.
Arcus, a key fintech in the sector
Arcus is the 66th Financial Technology Institution to receive authorization in the sector, which now totals 83 authorized entities. Of these, 64 are in operation, while the remaining 19 have not yet begun operations under the Fintech Law.
With its recent license, Arcus strengthens Mastercard’s commitment to financial innovation, consolidating itself as a relevant player in the digitalization of electronic payments in Mexico.
In summary, Arcus from Mastercard is a key piece in Mastercard’s fintech expansion strategy, aiming to improve access and efficiency in electronic payments in a constantly growing market.