Mexico's payment market is evolving rapidly, with traditional cash payment methods coexisting alongside emerging digital payment methods. Cash remains the primary payment method, accounting for 30% of total transaction volume, but credit card and debit card usage is also growing rapidly, at 25% and 20% respectively.
Mexico's e-commerce market is thriving, and adoption rates for digital wallets and mobile payments are continuously increasing. OXXO, a cash payment method through convenience stores, plays an important role in e-commerce by providing unbanked consumers with access to online shopping.
For merchants looking to enter the Mexican market, offering diverse payment options is crucial. This should include major credit and debit cards, local payment methods such as OXXO and SPEI (bank transfer system), and increasingly popular digital wallets. At the same time, considering Mexico's economic situation, offering installment payment options may also be an important factor in attracting consumers.
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Popular payment methods
SPEI
SPEI is commonly used for bank transfer payments in MX.
- Payment type
- Bank Transfer
- Buyer coverage
- MX
- Payment currency
- MXN
- Refund
- Partial refund
OXXO
OXXO is commonly used for cash payment payments in MX.
- Payment type
- Cash Payment
- Buyer coverage
- MX
- Payment currency
- MXN
- Refund
- Partial refund
BBVA Bancomer
BBVA Bancomer is commonly used for digital wallets payments in MX.
- Payment type
- Digital Wallets
- Buyer coverage
- MX
- Payment currency
- MXN
- Refund
- Partial refund
Banorte
Banorte is commonly used for digital wallets payments in MX.
- Payment type
- Digital Wallets
- Buyer coverage
- MX
- Payment currency
- MXN
- Refund
- Partial refund
Santander
Santander is commonly used for bank transfer payments in MX.
- Payment type
- Bank Transfer
- Buyer coverage
- MX
- Payment currency
- MXN
- Refund
- Partial refund
Paysafecard
Paysafecard is commonly used for prepaid card payments in MX.
- Payment type
- Prepaid Card
- Buyer coverage
- MX
- Payment currency
- MXN
- Refund
- Partial refund
Mexico
Country code
MX
Currency code
MXN
Currency unit
$ MXN