StarsPay continues to bring good news to operators seeking a secure and efficient solution for processing payments in Latin America. Starting this Monday (20th), customers connecting through the company’s API will also be able to accept instant payments in Mexico for Mexican clients via SPEI.
An acronym for Sistema de Pagos Electrónicos Interbancarios (Interbank Electronic Payment System), SPEI is akin to the “Mexican Pix.” Launched in 2004 by the Central Bank of Mexico, SPEI allows the general public to make payments or electronic transfers within seconds through internet banking and/or mobile applications.
Just like Pix, the main attractions of SPEI are the ease and speed of securely transferring funds, bringing accessibility and convenience to users. The widespread adoption seen with Pix also happened with SPEI. The number of operations has continuously increased over the past decade, reaching over 13 million transfers in a single day in May this year, according to data from the Mexican central bank.
The Betting Market in Mexico
With over 127 million inhabitants, Mexico is second only to Brazil in population in Latin America and is also the most populous Spanish-speaking nation in the world. Like Brazilians, Mexicans are passionate about sports, particularly football, as well as boxing, basketball, and American football, which has also grown in popularity in the country in recent years.
According to a YouGov survey, 41% of Mexicans placed some type of bet last year, a number that rises to 46%, nearly half, among sports fans. In 2023, the online sports betting market is estimated to have generated revenues of US$ 1.09 billion, with an expected increase to US$ 1.24 billion in 2024. By 2029, continuous growth is projected, reaching US$ 1.86 billion in revenue.
Just the Beginning
Now, StarsPay becomes one of the few payment processors offering the option of both SPEI and Pix, adding another country to its list. This allows, through a single and easy integration, the ability to accept users from Brazil and Mexico, two giant markets in Latin America. This is yet another innovation from the company, which promises not to stop there, with plans to integrate more countries in the future.
