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.

Ant Group is an affiliate of Alibaba Group Holding, which owns the South China Morning Post.

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 said that cash usage worldwide had continuously declined, accounting for just 46 per cent of global payments in 2025.

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.

It also hopes to link domestic merchants and consumers to broader local business networks and unlock credit opportunities for those without a bank account.

Beyond consumer payments, Clip said it wanted to help micro and nano-businesses build viable credit histories by generating transaction data. This can represent a major hurdle for businesses in Mexico, where financing is scarce.

While Mi Clip will initially limit operations to domestic transactions, its future road map includes overseas expansion. In its next phase, Clip said the e-wallet would connect to the Alipay+ global transaction network, which links 50 global wallets and 2 billion user accounts across 150 million merchants.

This integration would eventually allow Mi Clip users to make overseas payments, while enabling local Mexican merchants to accept international digital wallets from inbound travellers.

Click here read the original content