Market Size of Mexico Real Time Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.60 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Real-Time Payment Market Analysis
Mexico Real-time payment market is expected to have significant growth of 8.6% for the forecast period of 2022-2027. The country is witnessing significant adoption of digital payments, and the country has been reporting increased activities in real time payments due to the expanded usage of smartphones in the country, along with the growing need to go for a cashless economy.
- Mexico introduced the Sistema de Pagos Electrónicos Interbancarios (SPEI) system in 2004 and adopted real-time payments early on. Despite the early start, the adoption of real-time payments has grown slower due to the large population without national bank accounts and lack of awareness of electronic payments. However, with the release of Cobro Digital (CoDi) in September 2019, the use of real-time payments has expanded to low-value, recurring payments, and the growth of real-time payments has gained some traction in recent years through QR code and NFC technology.
- The credit card market in Mexico has grown in terms of the number of cards in circulation and transaction value and quantity, supported by high consumer spending. To cater to the high-potential credit card market, digital-only card issuers have entered the space.
- Mexico's government focuses on financial inclusion by undertaking three social benefits programs: Oportunidades, Programa para Adultos Mayores and Procampo, disbursing benefits through bank accounts and cards. In addition, alternative payments, including PayPal, MercadoPago, DineroMail, and SafetyPay, are all used extensively for online shopping. The availability of digital wallet services, and the security and convenience they provide, have made them popular among consumers.
- The growth of e-commerce is expected to create opportunities in Mexico. For instance, According to WorldPay, the e-commerce revenue was estimated at USD 32 billion in 2021. E-commerce revenue generated from mobile devices is anticipated to increase significantly by 2022. The growing penetration of smartphones would further augment the market's growth.
- Many Mexicans are buying online owing to the COVID-19 outbreak. According to the general director of the Mexican Association of Online Sales, the pandemic has served as a kind of a turning point for e-commerce in the country. According to Latin American e-commerce giant Mercado Libre, between March 12 and 19, online sales of household items such as cleaning detergents skyrocketed 400%, and pharmaceutical items jumped 114%.
