Mexico Cards and Payments: Opportunities and Risks to 2028

Mexico Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘Mexico Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Mexico cards and payments industry, including -

• Current and forecast values for each market in the Mexico cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Mexico cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Mexico cards and payments industry.

GlobalData’s ‘Mexico Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Mexico cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

Key Highlights

• The proliferation of fintech companies and digital-only banks will boost competition in the banking sector, and improve debit card adoption. In February 2023, Mexican payment company INVEX launched its digital-only bank, Now Banco. Users can open an account via the Now Banco mobile app, with a Mastercard debit card offered as a standard. Meanwhile, Brazil-based digital-only bank, Nubank, offers Nu Account along with a Mastercard-branded debit card. As of May 2024, Nubank had a customer base of over 7 million in Mexico.
• The Mexican credit card market is gradually recovering from high inflation. As a positive development, the central bank has lowered its benchmark interest rate from 11.25% in March 2023, to 11% in May 2024, and has been maintaining it since. Meanwhile, to increase credit card penetration, scheme service providers are collaborating with mobile wallet platforms. In July 2023, Visa partnered with Mercado Pago, a digital payment platform, to launch Visa-branded credit cards in Mexico. As of March 2024, Mercado Pago had issued over one million credit cards.
• To drive its adoption, contactless payments are also made available on public transportation. For instance, the Mexico City Metrobus system allows customers to make contactless payments on terminals across metro city buses, using contactless payment cards, digital wallets, and wearables. Meanwhile, DiDi, a fintech company, promotes contactless payments by offering a Mastercard-branded DiDi Card. As part of their promotional strategy, card holders who use the contactless DiDi Card to pay for two trips on the CDMX Metrobús network, received a free fare for their third trip. The promotional period ran between April 19 and June 30, 2024.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Mexico along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including cash, cards, credit transfers, direct debits, and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Mexico cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Mexico cards and payments industry.
• Assess the competitive dynamics in the Mexico cards and payments industry.
• Gain insights into marketing strategies used for various card types in Mexico.
• Gain insights into key regulations governing the Mexico cards and payments industry.