OpenPay

Openpay is a Mexican payment service provider and payment gateway that was founded in 2013 and acquired by BBVA in 2016. The platform facilitates electronic and physical payment processing for businesses of all sizes, from startups and SMEs to large corporate clients across Mexico and Latin America. Openpay operates as a comprehensive payment aggregator, allowing merchants to accept multiple payment methods through a single integration, including credit and debit cards from Visa, Mastercard, American Express, and Carnet, as well as cash payments, bank transfers, CoDi, and loyalty points. The company operates its proprietary Paynet network, which consists of over 17,500 associated points-of-sale throughout Mexico that enable customers to make cash payments for online purchases. Openpay's platform is designed with software developers in mind and includes advanced features such as anti-fraud detection tools, recurring payment capabilities, real-time notifications, and integration with e-commerce platforms. As part of BBVA, Openpay has expanded its operations beyond Mexico to Colombia, Peru, and Argentina, leveraging BBVA's distribution network to scale rapidly. The company processed approximately 360 million transactions annually across Latin America as of early 2023 and grew from 10,000 to 100,000 customers within an 18-month period. Openpay's business model supports various use cases including online stores, marketplaces, subscription-based services, mobile applications, payment links, QR codes, and wireless card readers. The platform charges a transaction fee of 0.5 percent with no withdrawal fees or commissions for receiving payments. Merchants must be legally registered in Mexico to issue electronic invoices and maintain a Mexican bank account to use the service.