Farmacias Similares teams up with Stori & releases credit card

Farmacias Similares wants to reduce the use of cash at its stores and create a digital ecosystem that allows its customers to access credit, so it entered into a partnership with Sofipo Stori to issue a credit card. In addition, the pharmacy chain is considering offering remittance services—a service already provided by Sofipo.

Victor Gonzalez Herrera, CEO of Farmacias Similares, noted that the main issues with cash for the pharmacy chain are the operational costs and the risk of robberies at its stores, since they are located in various parts of the country, including some areas with high crime rates.

The credit card launched by the two companies will have credit limits ranging from US$285 to US$1,140, and there are already 5,000 active cards in circulation. The goal is to issue 100,000 cards to pharmacy customers this year.

The Mexican businessman said he preferred the partnership with Stori because it is a Mexican company led by a woman: Marlene Garayzar. Furthermore, since it is recognized by the Ministry of Economy under the “Made in Mexico” seal, he believes this sends a positive signal to the international market.

Regarding the receipt of remittances at Similares pharmacies, Gonzalez said that the remittance market—worth nearly US$60 billion annually—is attractive and that these transactions would take place within Stori’s digital ecosystem rather than through cash withdrawals at the pharmacies.