Mexico Cards and Payments – Opportunities and Risks to 2027

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How will the Mexico Cards and Payments Market’ help you achieve your business goals? The report’s in-depth analysis and market insights will enable you to:

  • Make strategic business decisions, using top-level historical and forecast market data, related to the Mexico cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Mexico cards and payments industry.
  • Assess the competitive dynamics in the Mexico cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Mexico.
  • Gain insights into key regulations governing the Mexico cards and payments industry.

How is the ‘Mexico Cards and Payments Market’ report different from other reports in the market?

Businesses need to have a deeper understanding of the market dynamics to gain a competitive edge in the coming decade. Anticipate market changes and develop risk management strategies with the following data:

  • Current and forecast values for each market in the Mexico cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, cheques, and mobile wallets. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the Mexico cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • Competitive landscape of the Mexico cards and payments industry.

We recommend this valuable source of information to anyone involved in:

  • Regulatory Agency/Procurement Managers/ M&A and Investment Consultants
  • Strategy, Marketing, and Business Development
  • Digital payment companies/Insurance Companies
  • Technology Leaders and Startups
  • Cyber Security Managers for Banks
  • Product Development Directors
  • Professional Services /Sales & Marketing Director
  • Banks – Industry/Commercial/Retail/Private/Government/International
  • E-commerce Firms, PE/VC Firms

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Mexico Cards and Payments Market Report Overview

The Mexico cards and payments market size is $157 billion in 2023. The market is expected to achieve a CAGR of more than 13% during 2023-2027. Cash dominates the payment landscape in Mexico. However, with the government and the central bank promoting electronic payments, growing awareness, and a gradual rise in payment card acceptance, consumers are gradually shifting towards electronic payments. The central bank and financial institutions have taken several steps to boost financial inclusion, such as offering low-cost bank accounts and electronic disbursement of social benefits.

Mexico Cards and Payments Market Outlook, 2023-2027 ($ Billion)

Mexico Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Mexico Cards and Payments market research report provides a detailed analysis of market trends in the Mexican cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cards, cash, cards, credit transfer, direct debits, and cheques during the review period. The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report covers detailed regulatory policy and recent changes in the regulatory structure.

Market Size (2023) $157 billion
CAGR (2023-2027) >13%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·       Cash

·       Cards

·       Credit Transfers

·       Direct Debits

·       Cheques

Key Segments ·       Card-Based Payments

·       E-commerce Payments

·       In-Store Payments

·       Buy Now Pay Later

·       Mobile Payments

·       P2P Payments

·       Bill Payments

·       Alternative Payments

Leading Players ·       BBVA

·       BanCoppel

·       Citibank

·       Banco Azteca

·       Banorte

·       Santander

·       HSBC

·       Scotiabank

·       Banco Inbursa

·       Mastercard

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Mexico Cards and Payments Market Dynamics

Contactless payments are being expanded to public transport. Furthermore, the proliferation of fintech companies and digital-only banks will boost competition in the banking sector and improve debit card adoption. Alternative payment solutions are gaining prominence as well, with both domestic and international options available in the country.

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Mexico Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Mexico cards and payments market are cash, cards, credit transfers, direct debits, and cheques. As of 2023, cash leads the way in terms of transaction volume. Cash is widely used for daily transactions in Mexico, mostly due to the cultural preference for this mode of transaction. However, the share of cash transactions is on a continuous decline, supported by various financial inclusion initiatives and the growing preference for electronic payments.

Mexico Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Mexico Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Mexico Cards and Payments Market Segments

The key segments in the Mexico cards and payments market are card-based payments, e-commerce payments, in-store payments, Buy Now Pay Later, mobile payments, P2P payments, bill payments, and alternative payments.

E-commerce Payments: Growth of the e-commerce market during the review period was supported by the rising internet and smartphone penetration coupled with increasing consumer confidence in online transactions. To benefit from the growing e-commerce market, global retailers are launching e-commerce platforms in Mexico.

E-commerce Market Analysis by Segments, 2023 (%)

E-commerce Market Analysis by Segments, 2023 (%)

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Mexico Cards and Payments Market - Competitive Landscape

Some of the leading players in the Mexico cards and payments market are BBVA, BanCoppel, Citibank, Banco Azteca, Banorte, Santander, HSBC, Scotiabank, Banco Inbursa, and Mastercard.

Mexico Cards and Payments Market Analysis by Players, 2023

Mexico Cards and Payments Market Analysis by Players, 2023

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Segments Covered in the Report

Mexico Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cash
  • Cards
  • Credit Transfers
  • Direct Debits
  • Cheques

Mexico Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments
BBVA
BanCoppel
Citibank
Banco Azteca
Banorte
Santander
HSBC
Scotiabank
Banco Inbursa
Mastercard
Visa
American Express

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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