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
Access the Spanish post here.