Mexico eclipsed Canada and China to become the top U.S. trading partner in 2023. This shift came amidst the ongoing push toward nearshoring and friendshoring efforts in the manufacturing sector. This trend suggests that last year’s boom is just the beginning of the growing partnership between Mexico and the U.S.
U.S. trade with Mexico totaled over $855 billion in 2023 – including $362 billion in exports and $493 billion in imports, according to the United States Trade Representative. This level of trade has created strong local, fast and secure international payment options.
Earlier this month, TriumphPay announced that its open payments network for the freight industry will expand to include Mexican pesos. The company prides itself on providing innovative, tech-forward payment solutions for companies across North America. By including the ability to handle Mexican pesos – alongside U.S. dollars and Canadian dollars – TriumphPay offers continent-wide inclusivity.
TriumphPay’s network expansion provides a source of relief for the many logistics companies that have encountered recent frustrations and hurdles due to their inability to make payments in Mexico’s local currency.
“Expanding our payments network to Mexico is critical for our customers as trade increases between the U.S. and Mexico,” said Melissa Forman, president of TriumphPay. “We are thrilled to offer this new service, easing the technological and payment burden for customers looking to grow their businesses internationally. Our expansion into Mexico clearly indicates TriumphPay’s commitment to providing brokers, factors, carriers and shippers worldwide with fast payments that offer security, efficiency and transparency.”
By the end of the second quarter, TriumphPay expects to have a wide array of services available for logistics companies doing business in Mexico. According to TriumphPay’s press release, carriers will be able to make standard term payments in Mexican pesos, provide customer support in Spanish and offer automation payment processing in pesos.
Additional supplemental features will continue to be rolled out after the initial offering hits the market, creating a continuously smoother experience for TriumphPay customers.
“As TriumphPay’s payments network expands internationally, brokers, factors, carriers, and shippers can benefit from TriumphPay’s operational excellence and industry expertise, as well as reduce fraud risk on a global scale. By the end of 2024, TriumphPay also anticipates making payments in additional currencies in Europe and parts of Asia,” according to a press release from the company.