Mexico Payment Methods Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Mexico Payments Market Report is Segmented by Mode of Payment (Point of Sale [Card Payments, Digital Wallet, Cash, and Other Points of Sale] and Online Sale [Card Payments, Digital Wallets, and Other Online Sales]) and End-User Industry (Retail, Entertainment, Healthcare, Hospitality, and Other End-User Industries). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Mexico Payment Methods Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Mexico Payments Market Size

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Mexico Payments Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 125.48 Billion
Market Size (2030) USD 203.75 Billion
CAGR (2025 - 2030) 10.18 %
Market Concentration Medium

Major Players

Mexico Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Mexico Payments Market with other markets in Technology, Media and Telecom Industry

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Information Technology

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Security & Surveillance

Mexico Payments Market Analysis

The Mexico Payments Market size is estimated at USD 125.48 billion in 2025, and is expected to reach USD 203.75 billion by 2030, at a CAGR of 10.18% during the forecast period (2025-2030).

  • The payment methods market is growing due to increased digitalization. The growing popularity of smartphones and the widespread availability of internet connectivity are driving up demand for mobile payment transactions. Similarly, government measures encourage customers to use contactless payment platforms. Furthermore, integrating technology such as artificial intelligence and machine learning is anticipated to improve the security system, increasing consumer trust in payment systems.
  • The market studied is expected to be driven by government policies. For example, the Ministry of Finance constructed its IT system to authorize and process government payments after developing the legal foundation to enable centralized payments. Furthermore, the Central Bank created a nationwide payment system to allow for the quick and inexpensive movement of funds to any bank account in the country.
  • Furthermore, the presidential administration has encouraged the use of digital payments and a reduction in the use of cash to foster financial inclusion in Mexico. Mexican authorities define financial inclusion as accessing and utilizing formal and appropriately regulated financial services that guarantee consumer protection rights and develop financial literacy.
  • The growth of digital payments drives the Mexican payment market. With the rapid advancement of technology and changing consumer preferences, digital payments have become increasingly popular and widespread across the country.
  • Increasing internet penetration drives the Mexican payment market. As more people gain internet access, they increasingly engage in online activities, including shopping, banking, and making payments. The Mexican government has been promoting digital payments and financial inclusion as part of its broader economic agenda.
  • Cybercriminals often use phishing emails, fake websites, and social engineering tactics to trick users into disclosing their login credentials or financial information. The prevalence of phishing scams can undermine confidence in digital payment platforms and discourage users from engaging in online transactions.
  • Since the outbreak of the COVID-19 pandemic, the demand for digital payments has increased exponentially in the country, owing to the growing demand for contactless payment methods. Even though QR code payments see prominent adoption and growth in Mexico, the demand is expected to increase worldwide primarily because they are easy and inexpensive to implement. Post-COVID-19 pandemic, the market is proliferating due to convenience, which is one of the main reasons for Mexicans' quick acceptance of digital payments. The convenience and security of using a digital payment method have increased the number of Mexicans using digital payments.

Mexico Payments Industry Overview

The Mexico payments market is semi-consolidated with the presence of major players like Visa, Mastercard, American Express, HSBC, and Citibank. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

  • February 2024: NovoPayment, a mission-critical financial and payments infrastructure provider, announced that it had accepted Mastercard certification as a part of the Mastercard Network Enablement Partner program to change and process Mastercard transactions in Mexico. With this certification to process Mastercard transactions in Mexico, NovoPayment continues to execute the multi-rail payments strategy to support the client's ongoing demands and offer choice and flexibility.
  • October 2023: American Express and Formula 1 announced a multi-year regional partnership that would make American Express the official payments partner of F1 in the Americas, with races in Austin, Mexico City, São Paulo, Las Vegas, Miami, and Montreal. American Express also supports the F1 Academy.

Mexico Payments Market Leaders

  1. Visa

  2. Mastercard

  3. American Express

  4. HSBC

  5. Citibank

  6. *Disclaimer: Major Players sorted in no particular order
Mexico Payments Market Concentration
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Mexico Payments Market News

  • February 2024: Western Union extended its relationship with Mercado Pago and widened a cross-border payments channel between the United States, Canada, and Mexico. US and Canadian customers can send money from Western Union's mobile app, website, or one of its retail locations to Mercado Pago wallet accounts in Mexico.
  • January 2024: Amazon Mexico, the Mexican arm of Amazon, partnered with Kueski to provide personal loans and buy now pay later (BNPL) solutions to its consumers in the country. The partnership marks Amazon's first BNPL offering in the Mexican market.

Mexico Payments Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definitions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Stakeholder Analysis
  • 4.3 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.3.1 Bargaining Power of Suppliers
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry
  • 4.4 Evolution of the payments landscape in the country
  • 4.5 Key Market Trends Pertaining to the Growth of Cashless Transaction in the Country
  • 4.6 Impact of COVID-19 on the payments market in the country

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Robust Growth of Digital Payments
    • 5.1.2 Increase in Internet Penetration
  • 5.2 Market Challenges
    • 5.2.1 Cyber Security Related Concerns
  • 5.3 Market Opportunities
    • 5.3.1 Move Toward Cashless Society
    • 5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption
  • 5.4 Key Regulations and Standards in the Digital Payments Industry
  • 5.5 Analysis of Major Case Studies and Use-cases
  • 5.6 Analysis of Key Demographic Trends and Patterns Related To Payments Industry in Mexico (Coverage To Include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income Etc.)
  • 5.7 Analysis of the Increasing Emphasis On Customer Satisfaction and Convergence of Global Trends in Mexico
  • 5.8 Analysis of Cash Displacement and Rise of Contactless Payment Modes in Mexico

6. MARKET SEGMENTATION

  • 6.1 By Mode of Payment
    • 6.1.1 Point of Sale
    • 6.1.1.1 Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
    • 6.1.1.2 Digital Wallet (includes Mobile Wallets)
    • 6.1.1.3 Cash
    • 6.1.1.4 Other Points of Sale
    • 6.1.2 Online Sale
    • 6.1.2.1 Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
    • 6.1.2.2 Digital Wallet (includes Mobile Wallets)
    • 6.1.2.3 Other Online Sales (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
  • 6.2 By End-user Industry
    • 6.2.1 Retail
    • 6.2.2 Entertainment
    • 6.2.3 Healthcare
    • 6.2.4 Hospitality
    • 6.2.5 Other End-user Industries

7. COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles*
    • 7.1.1 Visa
    • 7.1.2 Mastercard
    • 7.1.3 American Express
    • 7.1.4 HSBC
    • 7.1.5 Citibank
    • 7.1.6 BanCoppel
    • 7.1.7 Banorte
    • 7.1.8 Scotiabank
    • 7.1.9 Banco Inbursa
    • 7.1.10 Banco Azteca

8. INVESTMENT ANALYSIS

9. FUTURE OUTLOOK OF THE MARKET

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Mexico Payments Industry Segmentation

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, and other points of sale] and online sale [card payments, digital wallets, and other online sales]) and end-user industry (retail, entertainment, healthcare, hospitality, and other end-user industries). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Mode of Payment Point of Sale Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Cash
Other Points of Sale
Online Sale Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Other Online Sales (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry Retail
Entertainment
Healthcare
Hospitality
Other End-user Industries
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Mexico Payments Market Research FAQs

How big is the Mexico Payments Market?

The Mexico Payments Market size is expected to reach USD 125.48 billion in 2025 and grow at a CAGR of 10.18% to reach USD 203.75 billion by 2030.

What is the current Mexico Payments Market size?

In 2025, the Mexico Payments Market size is expected to reach USD 125.48 billion.

Who are the key players in Mexico Payments Market?

Visa, Mastercard, American Express, HSBC and Citibank are the major companies operating in the Mexico Payments Market.

What years does this Mexico Payments Market cover, and what was the market size in 2024?

In 2024, the Mexico Payments Market size was estimated at USD 112.71 billion. The report covers the Mexico Payments Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Mexico Payments Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Mexico Payment Systems Industry Report

Statistics for the 2025 Mexico Payments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Payments analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Mexico Payments Market Report Snapshots