Payment Startup Stripe Moves into Cash-Heavy Mexico After CoDi
Patrick Collison, chief executive officer and co-founder of Stripe Inc., left, and John Collison.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Mobile payment startup Stripe Inc. began operations in Mexico, three weeks after after the launch of a similar central bank-backed system aimed at boosting the amount of digital payments used in the nation’s cash-heavy economy.
Stripe, used by companies including Uber Technologies Inc., touts a key difference between it and CoDi, as Banxico-backed cobro digital is known: Its users can make and take payments worldwide. Distrust of established banks in Mexico is high, and remains one of the key obstacles to widespread CoDi adoption.