Payment methods in Mexico

Let’s go to #Mexico 🇲🇽  ! A little walk to discover all the payment methods in Mexico.

Nuggets unearthed locally, global actors working there, different types of payment methods.

In 2021, Mexico had a population of over 130.9 million (but only 80 million internet users), and its e-commerce turnover was US$49.6bn.

 


 

Payment by card 

  • In Mexico, most people work in the informal economy, and they don’t want to open or use a bank account (in 2022, less than 40% of the Mexican population is banked*). Cash still accounts for more than 90% of transactions and most consumers don’t have a credit card. Despite this, the dominant digital payment method is credit and debit cards.
  • With local actors such as:
    • Carnet
    • Rappicard

Payment by bank transfer

  • Bank transfers make up 16% of online payments in Mexico. Whether this mode of payment will gain major uptake in years to come depends on banks’ willingness to create better solutions for low income Mexicans, and the government’s efforts to push people to become banked.
  • With local actors such as:
    • SPEI
    • BBVA
    • CoDi
    • Banco Azteca
    • Banorte

Cash payment

  • Convenience store chains play a large role in payment in Mexico. Customers who wants to pay a digital merchant in cash can select cash payment as a payment method, print off a voucher (“boletos”) and take it into an Oxxo store, for example, to pay for the item. As such, it offers access to the large unbanked population of Mexico.
  • With local actors such as:
    • Oxxo
    • Farmacias del Ahorro
    • Farmacias benavides

Payment by installment and BNPL

  • The BNPL lending model is still in its early stages of development in the country despite this BNPL payment reached US$ 1,993 million in 2021. The BNPL Gross Merchandise Value will increase from US$ 858.0 million in 2020 to reach US$ 19,707.0 million by 2028.
  • With local actors such as:
    • Aplazo
    • Finvero
    • Nelo
    • Kueskipay
    • Pagaris
    • Atrato
    • Circulo de crédito
    • Graviti
    • Mango

Payment by digital wallet and X-Pay

  • Digital wallets making up 19% of payments*. PayPal is the leader, while MercadoPago, Visa Checkout, and Masterpass are also popular. 86% of Mexicans are internet users and smartphones are positioned as the connectivity device with the highest adoption rate.
  • With local actors such as:
    • Mercado pago
    • RappiPay

 


 

Do payment methods in Mexico interest you?

Do you want more? Access to the #PayWorldTour library