Forecast: Number of Cards with a Payment Function in Mexico

The number of cards with a payment function in Mexico stood at 194.69 million units in 2023. Over the last two years, the market has seen fluctuations, with a year-on-year increase of 28.46% in 2021 followed by a decrease of 3.34% in 2022, and a slight rise of 1.44% in 2023. The average yearly growth rate (CAGR) for the past five years has been moderate at 1.45%.

Moving forward, the forecast suggests a steady increase in the number of payment cards, projected to reach 209.69 million units by 2028, reflecting a 5.69% growth over the next five years. The average yearly growth rate (CAGR) for this future period is forecasted at 1.11%, indicating a relatively slow yet consistent growth trend.

Future trends to watch for:

• Adoption of digital payment solutions and mobile payment technologies.
• Impact of economic fluctuations on consumer spending habits and card usage.
• Regulatory changes affecting the banking and payment industry.
• Development of financial inclusion initiatives by the government and financial institutions.