The Mexican consumer financial services landscape is in the midst of great change, driven by the confluence of technological innovation, innovative forms of branch expansion, regulatory changes in consumer deposit accounts and bank cards, and a strong push to facilitate mobile banking and payments. Indeed, major banks and telecommunications companies, most notably Telcel, have launched mobile banking and payments platforms that we expect to gain significant traction in 2013. At stake is the transformation of the Mexican banking system—from remittances to redefining branch banking—which can address longstanding financial inclusion disparities by reaching tens of millions of consumers heretofore unable to participate in formal banking services.
Mobile and Alternative Payments in Mexico provides industry participants with the wealth of analysis and guidance they need to stay abreast of this quickly evolving market and help gauge its potential. Report coverage highlights include the following:
To place mobile payments in context, the report contains broader analysis of Mexican payments and consumer payment choices, including market sizing and issuer shares for credit cards and debit cards, and market sizing guidance on prepaid cards. We also analyze trends related to correspondent banking and branch expansion.
Assessment of mobile phone/smartphone penetration, consumer banking relationships, online banking, mobile banking and payment usage and interest, and mobile shopping and financial education interest, supported by results of our proprietary survey of Mexican adult consumers.
Insight into remittance senders’ banking relationships, method of sending remittances, method of friends or family receiving remittances, and rationales for choosing, supported by proprietary interviews of Mexican immigrant remittance senders residing in the U.S.
Insight related to Mexican residents’ sending and receiving international and domestic remittances, including sending method and amounts sent, supported by results of our proprietary survey of Mexican adult consumers.
We also analyze Mexican mobile banking and payment products and strategies being initiated by major banking and nonbanking players, including Banamex, Banorte, Santader, BBVA Bancomer, Telecomm-Telegraph, MasterCard, Visa, Wells Fargo, Grupo Elektra, and PayPal. To complement the report’s emphasis on mobile banking and payments, we include analysis of leading mobile phone operators, including Telcel, Nextel, Iusacell and Telefónica Móviles México.
- Executive Summary
- Report Scope
- Report Summary
- Market opportunity
- Mexican payment trends
- Mexican internet & mobile phone usage trends
- Mexican mobile banking & payment trends
- Mexican mobile remittance trends
- Mobile & alternative payments strategies: financial institutions
- Mobile & alternative payments strategies: other institutions
- Overview
- Financial system
- Regulation of the Mexican financial system
- Mexican payments infrastructure
- ATM and POS networks
- Financial institutions participating in consumer banking and payments
- Commercial banks
- Development banks
- Correspondent banks
- SOFOME
- SOFOL
- Telecommunications regulation
- Increasing mobile telecommunications competition
- Telecommunications reform bill
- Financial system
- Market Opportunity
- Future is bright for Mexican mobile payments
- Closing the financial services gap by connecting to 57 million more people
- Table Financial Institution & Mobile and Electronic Payment Opportunity Analysis: 2012
- Closing the financial services gap by connecting to 57 million more people
- Challenge: the rural and impoverished
- Table Computer, Landline Telephone, Cell Phone and Internet Penetration, by Size of Locality: 2010
- Poverty is a part of the equation
- Table Mexico Urban and Rural Poverty headcount Ratio: 2011
- Per capita growth ahead
- Table Historical and Projected GDP and Population Growth in Mexico: 2006-2015
- Future is bright for Mexican mobile payments
- Mexican Payment Trends
- Summary analysis
- Payments trends
- Table U.S. And Mexico Credit Card & Debit Card Volume as Percentage of Country GDP: 2008-2012
- Demand deposit accounts
- Transaction accounts, savings accounts and term deposit accounts
- Traditional checking accounts dominate account and balance share
- Table Mexican Demand Deposit Accounts, Account Balance and Share, by Account Type: 2012
- Table Level I Demand Deposit Accounts, Account Balance and Share, by Bank: 2012
- Branch and ATM network analysis
- Table Number of Mexico Bank Branches and ATMs: 2008-2012
- But banks reaching more and more via expanding ATM network
- Table Number and Share of Mexico Banking Institution Branches and ATMs: 2012
- Checks
- Table Mexico Check Market Size: Cards, Transactions, Dollar Volume: 2008-2012
- Credit cards
- Credit card growth rebound
- Table Mexico Credit Card Market Size: Cards, Transactions, Dollar Volume: 2008-2012
- Credit card market share
- Table 2012 Credit Card Market Share, by Commercial Bank Issuer: Number of Cards, Balances & Volume
- Table 2012 Credit Card Market Share, by Commercial Bank/SOFOMER: Volume & Number of Cards
- Credit card growth rebound
- Debit cards
- Table Mexico Debit Card Market Size: Cards, Transactions, Dollar Volume: 2008-2012
- Table 2012 Debit Card Market Share, by Commercial Bank Issuer: Number of Cards, Balances & Volume
- Prepaid cards
- Growth drivers
- Other payment mechanisms
- Credit transfers
- Electronic & internet banking transfers
- Internet banking transfers
- Survey analysis: consumer payments & banking relationships
- Table 2013 Mexican Consumer Bank Account, Loan & Payment Card Penetration Rates, by Gender: 2013
- Table 2013 Mexican Consumer Bank Account, Loan & Payment Card Penetration Rates, by Age: 2013
- Table 2013 Mexican Consumer Bank Account, Loan & Payment Card Penetration Rates, by Region: 2013
- Table 2013 Mexican Consumer Bank Account, Loan & Payment Card Penetration Rates, by HH Income: 2013
- Cash, cash, cash! And then there's everything else
- Table Cash, Credit Card, Debit Card, Prepaid Card, Check & Money Order Usage, by Consumer Expenditure Category: 2013
- Cash loses favor as income increases
- Table Payment Instrument Usage for Groceries, Gas & Restaurant Meals, by HH Income: 2013
- Table Payment Instrument Usage for HH Goods and Appliances, by HH Income: 2013
- Table Payment Instrument Usage for Mobile Phone Bills & HH Gas/Electric Bills, by HH Income: 2013
- Table Payment Instrument Usage for Groceries, Gas & Restaurant Meals, by Region: 2013
- Table Payment Instrument Usage for HH Goods and Appliances, by HH Income: 2013
- Table Payment Instrument Usage for Mobile Phone Bills & HH Gas/Electric Bills, by HH Income: 2013
- Mexican Internet & Mobile Phone Usage Trends
- Summary analysis
- Internet and mobile phone use trends
- Internet trends
- Generational differences
- Mobile phone trends
- 100 million subscriptions and counting
- Smartphone penetration low but should spike by 2015
- Cell phone operator market share
- Proprietary survey results
- Smartphone usage chasm differentiates internet-connected and non-connected
- Mobile phone usage and smartphone usage share
- Among internet users, smartphone share above 80%
- Table Mexican Mobile Phone Usage & Smartphone Usage Share: 2013
- Internet, mobile & smartphone usage penetration: demographic analysis
- Table Mexican Internet, Mobile Phone & Smartphone Usage Penetration, by Age: 2013
- Table Mexican Internet, Mobile Phone & Smartphone Usage Penetration, by HH Income: 2013
- Table Mexican Internet, Mobile Phone & Smartphone Usage Penetration, by Region: 2013
- Mexican Mobile Banking & Payment Trends
- Summary analysis
- Online bankers
- Table Internet Bank Transfer Users: 2008-2012
- Online banking crosses the million mark
- Proprietary survey analysis
- Mobile financial services current use & future interest
- Interest in next 12 months: mobile payment, shopping & purchasing tools
- Current use & future interest: Smartphone and non-smartphone users
- Table Percentage of Mobile Phone Users Who Performed Mobile Financial Services Tasks in Last 12 Months: 2013
- But sizeable interest exists among non-smartphone users
- Table Mobile Phone User Interest in Performing Mobile Financial Services & Shopping Tasks in Next 12 Months: 2013
- Mexican Mobile Remittance Trends
- Summary analysis
- Mexican remittances market
- Table International Remittances Received from U.S. & Received by Mexico, by Country: 2012
- Inflows over time: robust growth, following by rocky trending
- Remittance payment methods
- Remittance costs declining
- Online methods generally cheapest; banks are in the middle
- Table Cost to Send $200 from U.S. to Mexico, by Remittance Service: Q1 2013
- Table Cost to Send $300 from U.S. to Mexico, by Remittance Service, With Funds Collection Points: 2013
- Proprietary survey analysis: U.S. immigrants remitting to Mexico
- Participant analysis
- Table U.S. Mexican Immigrant Remitters: Basic Demographics, Banking Relationships & Amount Sent: 2013
- Table U.S. Mexican Immigrant Remitter's Primary Method of Sending Money to Mexico: 2013
- Table U.S. Mexican Immigrant Remitters: Primary Method of Receipt in Mexico: 2013
- Cross tabbing notes
- Qualitative participant assessments
- Participant analysis
- Proprietary survey analysis: Mexican international remittances/P2P
- Table Mexican Adult Internet Users Who Send/Receive International P2P Payments & Amounts Sent: 2013
- Table Mexican Adult Internet Users Who Send/Receive International P2P Payments & Amounts Sent, by Age: 2013
- Table Mexican Adult Internet Users Who Send/Receive International P2P Payments & Amounts Sent, by HH Income: 2013
- Table Primary Remittance/P2P Sending/Receiving Method: 2013
- Domestic remittances
- Untapped potential
- Domestic remittance costs
- Migrant domestic remittance demographics
- Proprietary survey analysis: Mexican domestic remittances/P2P
- Table Mexican Adult Internet Users Who Send/Receive Domestic P2P Payments & Amounts Sent: 2013
- Table Mexican Adult Internet Users Who Send/Receive Domestic P2P Payments & Amounts Sent, by Age: 2013
- Table Mexican Adult Internet Users Who Send/Receive Domestic P2P Payments & Amounts Sent, by HH Income: 2013
- Table Method Used to Send & Receive Domestic Remittance/P2P Payments: 2013
- Market participant analysis
- Expanding points of access
- Successful test case leads to wider rollout
- Xoom
- An enticing value proposition
- Online strength also a drawback
- Revenue and costs
- Growth analysis
- Table Xoom Sending Volume, Customer, Revenue & Income Metrics: 2008-2013
- MoneyGram International, Inc.
- Western Union
- Services
- Electronic channel growth and scope
- Loyalty program and prepaid
- Mexico volume decline
- Mobile & Alternative Payments Strategies: Financial Institutions Card Associations
- American Express
- Payment diversification
- Mexican differentiated products
- MasterCard
- PayPass
- PayPass global network growing fast, but remains small
- PayPass Wallet Services
- becomes MasterPass
- Wanda
- Visa
- V.me
- PayWave
- Latin America prepaid card push
- Fundamo
- Banks
- Banamex
- iAcepta card reader and mobile application
- Transfer payment platform expected to rocket to 1 million accounts
- Table Transfer Contracts: 2012
- Telcel phone number becomes a bank account
- Grupo Financiero Banorte
- Table Grupo Financiero Banorte Branch, ATM, POS, Internet & Mobile Banking Metrics: 2010-2012
- Credit card growth
- Correspondent banking growth
- Online banking
- Mobile banking and payments
- MiFon: a mobile payment application for underserved communities
- PagoMóvil: a mobile payment application for existing banking customers
- BBVA Bancomer
- Mobile Money
- Santander
- Supermóvil: a token-based mobile banking and payment solution
- American Express
- Mobile & Alternative Payments Strategies: Other Institutions
- América Móvil
- Landline telephone and broadband
- Wireless operations
- Telefónica Móviles México
- Grupo Iusacell
- Nextel Mexico
- 3G launch
- Grupo Salinas
- Grupo Elektra
- Table Primary Remittance/P2P Sending/Receiving Method: 2013
- Grupo Elektra
- Alternative Payments & Emerging Wallet Payment Strategies
- Google Wallet
- PayPal
- QR codes for Mexico
- Volaris alliance
- MercadoPago
- eBay connection
- Functions and services
- Credit card reliance
- Volume and revenue
- Table MercadoLibre Revenue and Usage Metrics: 2008-2012
- América Móvil
- Appendix
- Consumer survey methodology
- Market size
- Report table interpretation
- Abbreviations
- Currency conversion
- Terms and definitions
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