1. Market Research
  2. > Financial Services
  3. > Banking
  4. > Payments Market Trends

The Cards and Payments Industry in Mexico: Emerging trends and opportunities to 2020

  • June 2017
  • 58 pages
  • GlobalData
Report ID: 3289877


Table of Contents

Search Inside

The Cards and Payments Industry in Mexico: Emerging trends and opportunities to 2020


Cash remains the preferred form of consumer payments in Mexico; especially among the rural population, primarily due to limited knowledge of payment cards or limited access to banking infrastructure. Cash is primarily used for making small-value payments at retailers, and for the payment of utility bills, taxes, and transport fares. A significant proportion of the population is engaged in informal activities, including farmers, street vendors, domestic servants, and self-employed workers.

Debit cards have grown in prominence on account of the introduction of electronic payroll services, an increase in the banked population, and the government’s distribution of social welfare funds through cards. Mexico’s government is focusing on financial inclusion by undertaking three social benefits programs: Oportunidades, Programa para Adultos Mayores, and Procampo, disbursing benefits through bank accounts and cards. These programs are supervised by the Ministry of Social Development (SEDESOL). Banks have also supported the financial inclusion programs, resulting in an increase in the banked population from 31.5% in 2012 to 46.8% in 2016, which in turn has supported a rise in debit card penetration.

Mexican e-commerce market posted a review-period compound annual growth rate (CAGR) of 40.8%, growing from US$4.1bn (MXN85.7bn) in 2012 to US$16.2bn (MXN336.8bn) in 2016, with the country anticipated to reach US$35.8bn (MXN741.4bn) by 2020. Payment cards remain the most popular payment method among online shoppers, accounting for 60.8% of total e-commerce transaction value in 2016. In addition to payment cards, alternative payments such as PayPal, MercadoPago, DineroMail, and SafetyPay are all used extensively for online shopping. The availability of digital wallet services, and the security and convenience they offer, has made them popular among consumers. Mobile wallets, digital wallets, and carrier billing collectively accounted for 10.7% of total e-commerce transaction value in 2016, up from 5.1% in 2012.

Despite being small in size, the Mexican credit card market has recorded robust review-period growth in terms of the number of cards in circulation, as well as transaction value and volume, supported by high consumer spending. However, the market is likely to be affected by Donald Trump’s victory in the US presidential election. Consequently, banks are cutting credit card exposure to counter a potential rise in consumer defaults and the risks of an economic shock should the new US government restrict trade and business with Mexico. Banks are therefore reducing credit card spending limits and raising consumer lending standards. Banks’ profits would suffer if the US government scraps the North American Free Trade Agreement (NAFTA) or discourages US companies from moving to Mexico.

The report "The Cards and Payments Industry in Mexico: Emerging trends and opportunities to 2020" provides top-level market analysis, information and insights into the Mexican cards and payments industry.

In particular, this report provides the following analysis -
- Current and forecast values for each market in the Mexican cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including credit transfers, cheques, cash, direct debits, and payment cards. It also, includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis and payment methods.
- Analysis of various market drivers and regulations governing the Mexican cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Companies mentioned in this report: BBVA Bancomer, BanCoppel, Citibanamex, Banorte, Banco Santander, Inbursa, Visa, Mastercard, Carnet, American Express.


- To combat fraudulent payment activities in Mexico, banks and scheme providers are taking a number of measures, with one example being Mastercard’s introduction of the Identity Check Mobile solution in November 2016. The solution allows card holders to verify online payment by scanning their fingerprint or taking a selfie. Unlike existing identity verification methods - which take shoppers away from a merchant’s website or mobile app and often require them to remember and enter a password - Mastercard Identity Check Mobile verifies the user via technologies such as biometrics and one-time passwords. Earlier in January 2015, Oberthur Technologies (OT) partnered with PROSA, a provider of payment processing services, to launch OT Motion Code technology. With Motion Code, the card’s CVV code is replaced with a mini-screen on which the CVV code changes automatically at regular intervals, making it impossible for fraudsters to misuse.
- The uptake of alternative payments is gradually increasing in Mexico, with banks and payment solutions providers launching products and services in the market. In partnership with Mastercard, Banamex launched its digital wallet, Banamex Wallet, in February 2016. The Android-compatible mobile app can be used to make contactless m-payments, which are authorized by a four-digit PIN. Users can add all Mastercard-branded credit cards to the wallet. Earlier in June 2014, BBVA Bancomer launched its mobile wallet BBVA Wallet in Mexico. The wallet allows secure NFC payments at merchant locations that accept contactless payments. Available on phones with Android 4.4 and above, other phones can use it through NFC stickers.
- To further enhance financial inclusion, Mexico joined the UN-based Better Than Cash Alliance in June 2016. The move comes after the government introduced a national policy on financial inclusion to promote the use of electronic payments across the country and reduce the dependence on cash. With 86% of the 124.6 million population owning mobile phones, Better Than Cash Alliance aims to harness the popularity of mobile phones for digital payments. Earlier in February 2016, PROSA partnered with digital solutions provider Gemalto to offer m-payment services to its partner banks, which include 95% of credit, debit, and prepaid card issuers in the country. Gemalto’s Trusted Service Hub enables banks to offer their own mobile wallets using host card emulation technology, while PROSA is responsible for mobile wallet development, card holder identification and verification, card digitization, and security.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Mexican cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Mexican cards and payments industry.
- Assess the competitive dynamics in the Mexican cards and payments industry.
- Gain insights into marketing strategies used for various card types in Mexico.
- Gain insights into key regulations governing the Mexican cards and payments industry.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 60 Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

Veronica helps you find the right report:


The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

Purchase Reports From Reputable Market Research Publishers

U.S. Consumer Payments Outlook Through 2020

  • $ 4995
  • Industry report
  • May 2017
  • by Packaged Facts

U.S. Consumer Payments Outlook Through 2020 provides trend-forward analysis of consumer payment usage, behavior and preferences; and shifts in usage, behavior and preferences over time. The report focuses ...

Consumer Payments Country Snapshot: Belgium 2016

  • $ 3450
  • Industry report
  • April 2017
  • by GlobalData

Consumer Payments Country Snapshot: Belgium 2016 Summary The Belgian payments market is highly developed, with consumers very comfortable using debit cards. Belgian consumers are very comfortable with ...

Consumer Payments Country Snapshot: Russia 2016

  • $ 3450
  • Industry report
  • April 2017
  • by GlobalData

Consumer Payments Country Snapshot: Russia 2016 Summary The Russian payments market is showing significant change as it slowly moves towards digital payments. In spite of cash playing a dominant role, ...

Download Unlimited Documents from Trusted Public Sources

Debit Card Supply in Australia

  • August 2017
    21 pages
  • Debit Card  


    Credit Card  

  • Australia  

View report >

Payments Industry in Japan and Asia

  • August 2017
    18 pages
  • Payments  


  • Japan  


View report >

Payments Statistics in Australia

  • July 2017
    2 pages
  • Payments  

  • Australia  

View report >

Related Market Segments :

Debit Card


Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.