Mexico
Digital Payments a Game-Changer for Mexicans Without Bank Accounts
Population
Mexico had an estimated population of 128,932,753 as of the middle of 2020, according to UN data. Based on Worldometer elaboration of the latest UN data, Mexico had a population of 129,709,757 as of January 28, 2021, with 83.8% living in urban areas, mainly Mexico City. The median age of the population is 29.2 years. Mexico had approximately 89 million active internet users as of February 2020, according to Statista.
E-commerce
According to IMF data, Mexico had a gross domestic product of $1.29 trillion in 2019, which declined to $1.04 trillion in 2020 due to the pandemic. As the economy continues to recover, Mexico's GDP is expected to expand to about $1.09 trillion in 2021.
Payment preferences
Most Mexican shoppers prefer to pay with cash, followed by bank transfers, cards, and other payment methods. For cashless payments, the three big players are Visa, Mastercard.
Economy
According to IMF data, Mexico had a gross domestic product of $1.29 trillion in 2019, which declined to $1.04 trillion in 2020 due to the pandemic. As the economy continues to recover, Mexico's GDP is expected to expand to about $1.09 trillion in 2021.
Internet & mobile phone trends
According to Statista, 22% of internet users in the country were aged 25-34 as of April 2019. According to Datareportal, there were 89 million internet users in January 2020, which had increased by about 816,000 (+0.9 percent) from 2019, with an internet penetration rate of 69% in January 2020. Meanwhile, 60% of the population had smartphones in 2019, according to Statista.
Banking
According to Iupana, only 36% of Mexicans had bank accounts in 2020, with only 9.5% of them credit card holders.