The Alternative Payments Landscape in Mexico

Mexico is a country of contrasts, with a growing fintech industry and a large unbanked population amounting to 50% of adults without a bank account. This creates a very dynamic environment for the growth of digital payments, and we’re taking a closer look at it in our latest case study.

In 2021, Mexico’s digital payments segment is projected to reach $54 billion in total transaction value. And according to Statista, that number is further projected to grow to $90.1 billion by 2025. The appeal of the Mexican market for digital wallet operators is clear.

But despite the growing prominence of digital payments like e-wallets, the dominant payment method is still credit and debit cards, accounting for almost half (47%) of total payment transactions.

Digital wallets are catching up, making up 19% of payments. Although they still have a long way to go to beat cash, still king in Mexico, mostly – and quite obviously – among the large unbanked population.

Download our case study to learn more about how Mexico’s handling and fuelling the growth of digital payments, including:

  • The biggest challenges for alternative payment methods like digital wallets and carrier billing
  • Popular e-wallets and how they function on the Mexican market
  • What the future holds for digital payments in Mexico and the role played by government regulations

Get the Whitepaper

This case study accompanies DOCOMO Digital’s latest research-based whitepaper on the evolution of alternative payment methods worldwide in 2021.

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