LatAm: Santander Mexico boosts network in pharmacy partnership

Santander has secured a new partnership with Farmacia Guadalajara to expand its banking network and increase access to basic financial services. The bank’s customers will now be able to use Farmacia Guadalajara’s stores to conduct some of their banking tasks. With over 1,800 stores added, Santander will now have 23,900 banking points across the country.

The move will offer Santander customers increased convenience, with customers benefitting from extended opening hours 365 days a year. While available transactions are limited to deposits on debit cards and paying credit card bills, Santander plans to eventually expand the number of tasks available.

RFi Group data shows that proximity to a physical banking point remains a key consideration in the market, with 2 in 5 consumers choosing their main bank on this basis. Similarly, amongst potential switchers, a large physical presence is a key pull factor towards other institutions.

Santander already has a number of agreements with convenience stores such as Oxxo, 7 Eleven and Círculo K, where its customers can carry out similar banking activities.

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