Sat Sep 07 15:53:00 UTC 2024: – Mexico’s neighborhood tortilla producers are embracing financial technology with a new mobile application developed by the National Tortilla Council and Finsus
– The app allows vendors to accept card, QR code, or cellphone number payments
– The hope is for 90% of tortilla makers to use the app within three years
– Many tortilla producers operate informally and have limited access to formal financial services
– The app is making life easier for producers like Abel Garcia, who previously struggled to get bank loans
– Only around 10% of tortilla shops in Mexico City are legally registered, with many preferring cash transactions
– Mexico is home to 20% of the region’s financial technology ventures, but financial inclusion for tortilla makers is still lacking due to banks’ lack of belief in the industry

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