Mexico
Explore the payments market in Mexico
Mexico, the second most populous country in Latin America following Brazil, possesses the 11th largest economy globally.
The market in Mexico
E-Commerce
The e-commerce market is vigorous and growing quickly with revenue estimated to reach US$21 billion by the end of 2021 at an annual growth rate of 3.8%, and projected market volume to reach US$24 billion by 2024.
Internet penetration
At present, internet penetration in Mexico stands at 64% and is projected to reach 70% by 2025. Among Mexican online shoppers, over 80% are under the age of 44, and there is a nearly equal gender split with 51.4% being male and 48.6% being female.
Payment methods
Similar to several other countries in Latin America, Mexico heavily relies on cash payments. The OXXO payment system boasts the widest coverage, with over 18,000 stores where customers can conveniently pay their bills.
Access to banking
Banking services are utilized by only 36% of the population in Mexico, while approximately 20 million people engage in e-banking activities. Therefore, the availability of alternative online payment systems becomes crucial to ensure widespread access to e-commerce for the population
Payment methods
Cash
Online
