Mexico

Cash remains the largest in-store method: Worldpay estimates it made up 35% of point-of-sale value in 2024, the highest share among the Latin American markets it covers, followed by credit cards at 27%, debit and prepaid cards at 25% and digital wallets at 11%. Visa and Mastercard are the leading card schemes. Banco de México’s CoDi (QR codes) and DiMo (payments to a phone number) run on SPEI, but uptake is limited: in the 2024 ENIF survey only 12.8% of people who knew CoDi had used it. The same survey found cash use as the most frequent means of payment declining while cards and transfers grew.

AMVO, the Mexican online sales association, valued online retail sales at MXN 941 billion in 2025, up 19.2% on 2024 and equal to 17.7% of retail, with 77.2 million digital buyers; Worldpay estimated the e-commerce market at US$72 billion in 2024. Amazon and Mercado Libre are the most used online stores, followed by cross-border platforms Temu and Shein, then Walmart, AliExpress, Liverpool and Coppel, according to a Statista survey. Shoppers expect meses sin intereses on larger purchases and a cash-voucher option, and business buyers commonly ask for a CFDI electronic invoice issued against their RFC tax ID. AMVO found 90% of online shoppers prefer home delivery.

Banco de México (Banxico) oversees payment systems, operates the SPEI instant transfer system with its CoDi and DiMo services, and authorises card clearing houses. The Comisión Nacional Bancaria y de Valores (CNBV) licenses and supervises banks and, under the 2018 Fintech Law, electronic payment fund institutions (IFPEs, which issue e-money wallets), with a prior opinion from a committee that includes Banxico and the Finance Ministry. Foreign institutions without a Mexican licence may not actively solicit clients in Mexico and can generally serve them only on a reverse-solicitation basis. Personal data is governed by the Federal Law on the Protection of Personal Data Held by Private Parties.

Account ownership is low for the region: the World Bank’s Global Findex 2025 found that 53% of Mexican adults had an account in 2024 (49% in 2022), 40% owned a debit card and 14% a credit card, and only 16% had paid digitally for an online purchase; about 12% received wages in cash only. The national ENIF survey by INEGI and the CNBV found that 63.0% of 18–70-year-olds had a formal savings account in 2024, and mobile banking use among account holders rose from 54.3% in 2021 to 69.1%.