Mexico Payments Market | Growth, Trends, COVID-19 Impact, and Forecast (2022-2027)

The Mexico Payments Market is Segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality).

Market Snapshot

Mexico Payments Market Size
Study Period: 2020-2027
Base Year: 2021
CAGR: 15.75 %

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Market Overview

The Mexico payments market is expected to register a CAGR of 15.75% during the period of 2022-2027. The primary factor driving the growth of the market in the region is the rising adoption of digital payments supported by government initiatives and strong development in E-commerce, among others.

  • As Internet access becomes more widespread in Mexico and the telecom industry supports mobile Internet adoption and digital access, the number of online users will likely rise. As more consumers access the Internet, this creates an increased opportunity for cross-border sales, particularly for digitally savvy foreign businesses.
  • In Mexico's e-commerce business, having a diverse selection of payment options is critical. These online buyers are spending an increasing amount of time on their cellphones, and social media provides an opportunity to attract their attention. Mexico's e-commerce business is expected to rise in double digits through 2021, thanks to solid levels of cross-border purchasing.
  • The COVID-19 outbreak, lockdowns, and the resulting economic contractions everywhere in the world wreaked havoc on the country's economy. Mexico's real GDP growth rate for 2020 was -8.5 percent, according to the International Monetary Fund (IMF).
  • Mexico's digital economy has grown and flourished due to the COVID-19 outbreak, as have consumers' attitudes regarding digital ways of payment. When the movement restriction orders were enforced, customer spending patterns moved to digital means. Physical payments with high levels of contact, such as cash and fingerprints, are avoided, resulting in changes for both parties. Micro, small, and medium-sized businesses (MSMBs) have started to see the benefits of accepting digital payments.

Scope of the Report

Payments are becoming increasingly cashless, and the industry's responsibility to support inclusivity has risen to the top of the agenda. Payments help promote digital economies and encourage innovation while also providing a reliable backbone for the global economy. POS and e-commerce are the two segments of the payments market. Online purchases of both products and services, such as purchases made on e-commerce websites and online travel and hotel bookings, are examples of e-commerce payments. All transactions taking place at a physical point of sale are included in the market's scope when it comes to POS.

The Mexican payments market is segmented by mode of payment (point of sale (card payments, digital wallet, cash), online sale (card payments, digital wallet)), and by end-user industries (retail, entertainment, healthcare, hospitality).

By Mode of Payment
Point of Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Online Sale
Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry
Other End-user Industries

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Key Market Trends

Robust Growth of Digital Payments

  • Consumers in Mexico prefer cards for online purchases, with credit and debit cards leading the way. Due to the increased popularity of digital wallets, card shares will fall marginally until 2025.
  • The Bank of Mexico recently released CoDi, which significantly modernizes and improves the long-standing SPEI service that it developed with commercial banks in 2004. CoDi accepts P2P, P2B, B2B, and B2P payments via internet or mobile banking and recurring payments such as rent, loan repayments, and mortgage payments. As a result, the volume of real-time payments increased by 60% year over year.
  • The Bank of Mexico developed the CoDi mobile payments ecosystem by extending the SPEI central payment rails, essentially eliminating the need for banks to establish their mobile money transfer capabilities.
Mexico Payments Market Share

Increase in Internet Penetration

  • The increasing use of smartphones in numerous activities and the growing number of mobile users are driving the industry forward. People are opting for more digital ways of completing activities that were formerly done manually as the world becomes increasingly digitalized.
  • The increased use of digital payment systems has been attributed to the increasing penetration of the internet and digital literacy. Smartphones are one of the most prevalent and important intelligent gadgets that can perform various duties.
  • Moreover, people prefer online purchases of vital commodities due to the closure of local marketplaces and the desire to avoid public gatherings, which is raising demand for the digital payments industry.
Mexico Payments Market Growth

Competitive Landscape

The Mexican payments market is moderately consolidated as few players currently dominate the payments market. Major players in the Mexico payments market offer well-developed digital payments solutions, adopting strategies like acquisitions and partnerships to expand their reach to more consumers in the region. Some of the major companies in the payments market are Visa Inc., Mastercard Inc., HSBC, and American Express.

  • August 2020 - The BanCoppel Express app, which accepts CoDi payments, was released by BanCoppel. The growing popularity of CoDi has prompted more prominent merchants to respond. Coppel, a Mexican department store, began accepting CoDi payments in its 1,562 locations in November 2020.
  • May 2020 - Facebook is adding "Shops" to its social network and Instagram in its most significant move into e-commerce. The social networking firm announced that it is adding shopfronts for businesses to list their wares and a host of other e-commerce functionality across its apps. The new features move Facebook further than ever from its roots as a purely advertising-focused business and take it more squarely into competition with far more established online shopping platforms like Amazon, eBay, and Etsy.

Recent Developments

  • May 2022- Mastercard plans to test new technology that will allow customers to pay at checkout with a smile or a wave of their hand. The new biometric checkout technology is intended to eliminate the need for payment by card or mobile device. It will result in shorter lines and faster transactions, which will improve the overall checkout experience.
  • May 2022 - HSBC announced the launch of a Female Entrepreneur Fund (“Fund”), which will provide USD 1 billion in lending to female-owned businesses over the next 12 months in 11 markets.
  • April 2022 - Citi’s Treasury and Trade Solutions (TTS) announced that it is entering into an agreement with global payment processor Ebanx to provide an end-to-end digital collection solution (e-commerce) for Citi’s institutional clients in Latin America.

Table of Contents


    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness-Porter's Five Force Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Evolution of the payments landscape in the country

    5. 4.5 Key market trends pertaining to the growth of cashless transaction in the country

    6. 4.6 Impact of COVID-19 on the payments market in the country


    1. 5.1 Market Drivers

      1. 5.1.1 Robust Growth of Digital Payments

      2. 5.1.2 Increase in Internet Penetration

    2. 5.2 Market Challenges

      1. 5.2.1 Cyber security related concerns

    3. 5.3 Market Opportunities

      1. 5.3.1 Move towards Cashless Society

      2. 5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption

    4. 5.4 Key Regulations and Standards in the Digital Payments Industry

    5. 5.5 Analysis of major case studies and use-cases

    6. 5.6 Analysis of key demographic trends and patterns related to payments industry in Hong Kong (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)

    7. 5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in Hong Kong

    8. 5.8 Analysis of cash displacement and rise of contactless payment modes in Hong Kong

  6. 6. Market Segmentation

    1. 6.1 By Mode of Payment

      1. 6.1.1 Point of Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Cash

        4. Others

      2. 6.1.2 Online Sale

        1. Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)

        2. Digital Wallet (includes Mobile Wallets)

        3. Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)

    2. 6.2 By End-user Industry

      1. 6.2.1 Retail

      2. 6.2.2 Entertainment

      3. 6.2.3 Healthcare

      4. 6.2.4 Hospitality

      5. 6.2.5 Other End-user Industries

  7. 7. Competitive Landscape

    1. 7.1 Company Profiles

      1. 7.1.1 BanCoppel

      2. 7.1.2 Banorte

      3. 7.1.3 Scotiabank

      4. 7.1.4 Banco Inbursa

      5. 7.1.5 Banco Azteca

      6. 7.1.6 Citibank

      7. 7.1.7 HSBC

      8. 7.1.8 Visa

      9. 7.1.9 Mastercard

      10. 7.1.10 American Express

    2. *List Not Exhaustive
  8. 8. Investment Analysis

  9. 9. Future Outlook of the Market

**Subject to Availability

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Frequently Asked Questions

The Mexico Payments Market market is studied from 2020 - 2027.

The Mexico Payments Market is growing at a CAGR of 15.75% over the next 5 years.

Visa, Mastercard, American Express, BanCoppel, HSBC, Citibank, Banorte, Scotiabank, Banco Inbursa, Banco Azteca are the major companies operating in Mexico Payments Market.

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