Ant International, affiliated with Chinese fintech giant Ant Group, has teamed with Mexican fintech Clip to introduce Mi Clip, an e-wallet designed to reduce dependence on cash in Mexico and expand financial inclusion through AI-driven services and Mastercard’s network.
- Mi Clip e-wallet for cash-dominant Mexican market
- Supports credit building for small and micro enterprises
- Plans for global transactions via Alipay+ network
What happened
Ant International, a Singapore-based affiliate of Ant Group, partnered with Mexican fintech Clip to launch an electronic wallet called Mi Clip. This service combines Ant’s AI technology with Mastercard’s global network to facilitate digital payments and financial services in Mexico. The wallet aims to offer users a convenient way to pay for everyday goods, access credit, and build a formal financial identity.
Mexico remains heavily reliant on cash, with a recent survey showing that 85% of purchases under 500 pesos (approximately US$28.70) are made in cash. Despite global growth in digital payments, cash transactions dominate in Mexico’s economy, especially among small-value purchases.
Why it matters
The dependence on cash in Mexico limits financial inclusion and access to formal credit, particularly for millions of small and micro businesses. Only about 10.7% of Mexico’s 5.4 million SMEs had secured financing from formal sources as of 2024, highlighting a major barrier to growth and investment.
Mi Clip intends to bridge this gap by enabling micro and nano-businesses to generate transaction data through digital payments, which can help build credit histories. Additionally, the e-wallet can support complex transactions during major events like El Buen Fin, Mexico’s national shopping period, contributing to broader merchant-consumer connectivity.
What to watch next
For now, Mi Clip focuses on domestic transactions, but the partnership plans to integrate with Alipay+, the global transaction network linking 50 wallets, 2 billion user accounts, and 150 million merchants. This will enable Mexican users to make overseas payments and allow local merchants to accept payment from international travelers.
The rollout and adoption of Mi Clip will be key indicators of how effectively the solution can reduce cash usage and improve formal financial services in Mexico, potentially serving as a blueprint for other Latin American markets with similar cash-heavy economies.