Paymentology and Fondeadora have teamed up to launch Apple Pay in Mexico, the companies have announced.

The firms said in a statement that Paymentology’s digital payment platform will be used by Fondeadora to offer faster transaction processing, advanced security measures, and enhanced data analytics.

By launching Apple Pay, Mexican users will gain access to its advanced security technologies, such as Face ID and Touch ID, which ensure that transactions are secure. They will also be able to make in-store, or online purchases, without the need to manually enter their payment and shipping information each time.

“The digital economy in Mexico has flourished post COVID-19, and with it has come newfound consumer demands around digital ways to pay,” said Alejandro Del Rio, Regional Director Latam at Paymentology.

Jorge Fernández General Manager at Fondeadora, added “We’re incredibly proud to be one of the first financial institutions in Mexico to bring Apple Pay to our customers. Without the help of our steadfast issuer-processor partner, Paymentology, we wouldn’t have been able to launch such a dynamic service.”

According to insights from Worldpay, digital and mobile wallets are quickly rising in popularity among Mexican consumers and are projected to overtake credit cards to lead e-commerce payment share by 2024.

Traditionally, the market share for these wallets has been led by PayPal, BBVA Wallet, OXXO Pay and Mercado Pago. Users of Apple pay will be able to make payments across several Latin America countries as well as anywhere globally that accepts the payment method.