Mexico’s payments system has gone through significant changes over the past few years. The lack of an extensive traditional banking system has resulted in cash remaining king. The highly unbanked yet technologically savvy nature of Mexican consumers, in addition to widespread mobile phone and internet availability, highlight the market’s huge potential for future growth.
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Learn about the threat new payment technologies pose to the payment card space, and how these developments will influence market dynamics.
Reasons To Buy
How do Mexican consumers use their payment tools, and how has this changed in recent years?
Which players are key in the debit, credit, and charge card spaces? How are they adapting to changes within the wider market?
How extensive are mobile, online, and contactless payments and where does future growth lie?
What impact is regulatory change having on the Mexican payments sector, and how will it likely affect future market development?
Payment card numbers continue to rise, but a significant number are either yet to be used or consumers are increasingly turning away from using their cards. Issuers that shift their focus away from card issuance to boosting usage levels of existing cards stand to gain immensely as the country moves towards greater electronic payment adoption.
As an online payment tool, cash accounts for a sizable portion of online purchases. With consumers citing comfort and convenience as the main reasons for online payment tool choice, payment providers need to invest in educating consumers on the benefits of using electronic means of payment online, and the best practices associated with doing so.
Although growth in Mexico’s POS terminal infrastructure remains strong, expansion is still very much needed to drive greater electronic payment adoption. The recent emergence of mobile POS stands to further drive development of Mexico’s payment infrastructure, particularly outside of large cities where card acceptance and use is lowest.