Mercado Pago Sees 120% Surge in Cash-to-Digital Flows in Mexico

The digitization of cash is accelerating in Mexico, with Mercado Pago reporting a 120% increase in cash inflows to user digital accounts between September 2024 and September 2025. The growth more than doubled the rate recorded in the previous year, underscoring a shift by consumers from physical cash to digital financial services through the platform.

Ramiro Nández, Director of Users, Mercado Pago, said the trend is being driven by the growing value users see in digitizing money. Doing so enables them to earn daily yields, access credit, organize budgets, pay for services and manage everyday expenses directly from their mobile phones.

Strengthened Cash-In/Cash-Out Network Boosts Inclusion

The expansion has been fueled by a significant strengthening of Mercado Pago’s cash-in and cash-out network, which has doubled since February. The network now includes more than 45,000 access points nationwide, complemented by over 60,000 ATMs.

Authorized neighborhood stores, such as grocery shops, pharmacies, hardware stores and stationers equipped with Mercado Pago terminals, have been central to this growth. These outlets allow users to deposit or withdraw cash at no cost while generating additional income by operating as service points.

According to the company, participating stores report an average 30% increase in income after joining the network. The top 20 stores by transaction volume earn more than MX$7,000 per month for serving as cash-in and cash-out intermediaries.

About 10% of these stores are located in communities with fewer than 50,000 inhabitants, double the share recorded a year earlier. This positions the network as a key channel for financial inclusion, extending bank-like services to cash-dependent communities.

The network is further supported by major retail chains, including 7-Eleven, Oxxo, Circle K, Soriana and Farmacias del Ahorro.

User Behavior and Digital Ecosystem Adoption

Use of the cash-in/cash-out network has become a routine habit for users. On average, individuals make more than two cash deposits per month, while the average amount deposited exceeds the average withdrawal, even though users make roughly four withdrawals monthly. This pattern suggests consumers are increasingly transferring cash into digital accounts for improved financial management.

Users who rely on the cash-in/cash-out network also tend to be heavy users of Mercado Pago’s broader digital ecosystem, accessing an average of at least seven additional financial products. These include the digital account offering a 13% annual yield, transfers, bill payments, mobile top-ups and use of the Mercado Pago card for in-store and online purchases.

Contactless payments account for 37% of Mercado Pago card transactions and represent 57% of transactions processed through more than one million active Point terminals nationwide.