Mexico Profile: Digital Payments a Game-Changer for Mexicans Without Bank Accounts

23 Nov, 2020 . 4 minutes

Mexico’s population was estimated at 129.2 million by the end of 2019. The highest average online spending is conducted by those aged 25 years to 34 years - at 32.9 percent. Just 37 percent of Mexicans had a bank account in 2019. But the trend of digital payments is a game-changer for these people. The B2C ecommerce market was estimated at US$22.6 billion as of the fourth quarter of 2019.

Mexico’s internet penetration is 63.9 percent. Smartphone penetration is 39.5 percent. The combination supports mobile commerce of 34 percent of the total ecommerce market of US$7.7 billion as at the fourth quarter of last year. Meanwhile, 67 percent of Mexican econsumers are cross-border shoppers and they mostly purchase online from the US, China and Japan.

The growth of online shoppers is shaping the digital payment service ecosystem. Cards are still the preferred payment method at 45 percent of all online transactions. Meanwhile, cash and digital wallets take a 17 percent share.

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