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.

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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