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Mexico

Mexican Payment Market Overview

Enjoying a rapid annual growth rate of 28.3 percent, the Mexican business to consumer e-commerce market is worth $22.6 billion. That said, e-commerce has a long way to go before it unseats bricks-and-mortar sales as the dominant commerce channel in the country – online shopping accounts for just 1.7 percent of the country’s overall retail market.

Cross-border shopping is a significant part of the Mexican e-commerce market, taking a quarter of total sales. Some 67 percent of Mexican e-consumers have shopped from an international site, suggesting international merchants hoping to break in to this market have a good chance of finding receptive customers. The neighboring U.S. is the most popular international shopping destination, followed by China and then Japan. Mexico has a streamlined imports and customs clearing procedure for items valued under US$50, which may also account for the popularity of cross-border shopping.

Payment Methods in Mexico

Key Market Indicators in Mexico

$22,600,000,000
Online shopping market value
45%
Pay with cards
11%
Annual market growth
$1,140.31
Avg annual online spend

Banks in Mexico

BBVA Bancomer
Banco Santander Mexico
Banorte
Citibanamex
HSBC Mexico
Scotiabank Mexico
Inbursa
Bank of America Mexico

Mobile Carriers in Mexico

Telcel
Movistar
AT&T Mexico

Integrate Mexican Payment Methods

Card is the dominant payment method in Mexico, used in 45 percent of all transactions and worth $10.2 billion in sales. The use of cards will increase in the period to 2021, by which point they are expected to be used for half of all online transactions (50.9 percent).

There is also a culture of ordering items via mobile and then paying for them in cash at convenience stores, with Oxxo standing as the retail chain that is leading this method. However, the use of cash is expected to drop dramatically over the next two years.

Country Statistics
Region Latin America
Population 126.2 million
E-commerce market size $22,6 billion
Local currency MXN
Key Metrics
Internet penetration rate 59.5%
Internet cost $35/month
Mobile penetration rate 75%
Cellular technology standard 3G, 4G
Dual sim usage 21.4%
Popular mobile OS Android
Other Information
Big Mac Index 2.50
Average annual income $3,765
Largest Cities in Mexico by Population
Mexico City 12,294,193
Ecatepec de Morelos 1,655,015
Guadalajara 1,495,182
Puebla 1,434,062
Juárez 1,321,004
Tijuana 1,300,983
León de los Aldama 1,238,962
Gustavo Adolfo Madero 1,185,772
Zapopan 1,142,483
Monterrey 1,135,512

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