Mexican Retailers, E-Commerce Launch Debit Cards

Major retail chains and e-commerce platforms in Mexico are launching their own debit cards to expand financial services and promote financial inclusion, according to industry specialists.

These companies aim to integrate millions of Mexicans without access to traditional banking by leveraging their market reach, consumer data, and digital ecosystems.

Marco Aguilar, Financial Services IT Consulting Leader, EY Latin America, said this move complements retailers’ offerings, attracts new customers, improves shopping experiences, builds loyalty, and creates an additional revenue stream beyond core retail operations. Given retailers’ high transaction volumes in both physical and online sales, debit cards are a “natural step” in expanding financial services, he added.

Mercado Libre, through its Mercado Pago platform, was among the first to introduce a debit card—a Mastercard linked directly to users’ digital accounts, usable for online and in-store purchases.

In June, Amazon launched Amazon Access, a debit account developed with Invex and Mastercard. The company had previously entered the financial services market in 2018 with Amazon Recarga, a no-fee, no-minimum-balance account created with Banorte.

Walmart de México y Centroamérica is preparing to officially roll out Cashi, a new debit account connected to the SPEI payment system. Currently in a pilot phase with 20,000 selected customers, the service targets individuals with low incomes or no credit history.

Óscar Balcázar, CEO, Serta Intelligence Partner, said Mexico’s large unbanked population makes it a key market for retailer-led financial products. About half of Mexicans over 18 lack formal financial services, according to the National Institute of Statistics and Geography (INEGI).

Balcázar added that retailers’ deep understanding of consumer purchasing habits allows them to offer targeted promotions and services, boosting customer engagement and loyalty. Debit cards also enable consumers unfamiliar with digital platforms to make purchases beyond the issuing store.

Aguilar noted that debit cards complement other payment options in retailers’ ecosystems, such as digital wallets and account-to-account (A2A) transfers, all aimed at expanding access to financial products and services.