Accept payments in 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

Banks in Mexico

Mobile Carriers in 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.