Ant International, the Singapore-based affiliate of Chinese fintech giant Ant Group, has partnered with Mexico’s Clip to launch an electronic wallet, hoping to disrupt cash dominance in Latin America’s second-largest economy.
Backed by Ant International’s artificial intelligence technology and Mastercard’s global network, the Mi Clip electronic wallet will offer users access to financial services, credit solutions and the ability to pay for everyday goods and services, and may help users build a “formal financial identity”, Clip said on Wednesday.
Ant Group is an affiliate of Alibaba Group Holding, which owns the South China Morning Post.
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Physical currency still dominates everyday financial transactions in Mexico. Eighty-five per cent of purchases under 500 pesos (US$28.70) are still made in cash, according to a national survey cited by Clip.
This cash dependency in Mexico persists, despite a global shift towards digital payments. A McKinsey report published in September last year said that cash usage worldwide had continuously declined, accounting for just 46 per cent of global payments in 2025.
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Clip aims to use Mi Clip to bridge the digital gap by providing e-payment infrastructure capable of supporting high-volume, complex transactions, like those required during Mexico’s annual national shopping event of El Buen Fin.
Ant International powers new e-wallet in cash-heavy Mexico
