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Digital Payments in the Mexican Market

Digital Payments – Mexico Outlook

Mexico is one of the most populated countries in the world, with 127.5 million inhabitants in 2019. Additionally, 95% of the population has access to a mobile subscription, and Mexico has a Gross Domestic Product of 1.26 trillion.

According to the INEGI (Mexican Institute of Statistics and Geography) in 2018, only 47% of Mexicans had a bank account. However, according to the same INEGI and Statista, in 2021, 32.3% of Mexican adults do not have a financial product, with an 8.2% annual increase of digital banking users and a 3.1% growth in the number of bank accounts.

In its annual report for 2023, Mexico’s Fintech Association and NTT Data state that the Digital Payments vertical accounts for 32% of the participation in the Fintech market sphere. The ecosystem has received around 17.4% of new clients on a yearly basis.

As an example of the above-stated, according to the Mexican Internet Association, by 2018, there were 79.1 million internet users, and Statista estimates that by the end of this year, 59.3% of those users will be active in the e-commerce ecosystem. This means that by 2023, there will be a 38% growth in digital commerce compared to 2019.

All of this is backed by the Net Promoter Score® of 71 out of 100, which is a scale done by 60 Decibels Analysis and collected by Visa on its 2021 Mexico Perspective report. It states that companies in that market are very satisfied with the experience of accepting digital payments and are willing to recommend them.

Since the rates of e-commerce growth and the amenability of Mexicans to use it are increasing, this is the perfect time to expand your business to this market by accepting card payments. If you already have a local business, it’s a great time to start with the consolidation process by accepting this form of payment method, and we at Joe’s Shop can help you with that.