Mexico’s Online Payments: Credit Cards Lead, Wallets Surge

In 2024, credit cards accounted for 34% of e-commerce transactions in Mexico, according to Worldpay’s latest Global Payments Report. This preference is fueled by bank promotions and the installment plans that appeal to cost-conscious consumers.

“We live in a paradox in Mexico,” wrote Salvador Espinoza, CEO, Prosa, in MBN. “Despite surpassing 100 million internet users—97% of whom access it via smartphones, according to INEGI data—our adoption of digital payments remains significantly behind.”

Debit cards, making up 20% of e-commerce transactions, play a pivotal role in transitioning Mexico from a cash-dependent economy to a more digital financial ecosystem. They serve as an entry point for consumers with limited or no credit history to engage with formal financial services.

Digital wallets, however, have seen the most remarkable growth, rising to 28% of online transactions from just 6% in 2014. Platforms like Mercado Pago, Apple Pay, and PayPal are gaining traction, supported by widespread smartphone use and increasing familiarity with QR codes and app-based payment solutions.

“The evolution of digital payments and emerging technologies will continue to reshape commerce in Mexico,” said Juan Pablo D’Antiochia, head of Latin America, Worldpay. “Fintech innovation and changing consumer behaviors will drive the future of the payments industry across the region.”

Worldpay projects Mexico’s e-commerce market to reach US$72 billion in 2024, with growth expected to accelerate to US$104 billion by 2030. Payment innovation is anticipated to be a central force in this expansion.

Despite these advances, cash still constitutes 35% of transactions, especially in hybrid models where customers pay for online purchases at physical stores like OXXO. This marks a significant drop from 76% in 2014, with cash usage forecasted to decline further to 31% by 2030.

Emerging Buy Now, Pay Later (BNPL) platforms, including Kueski Pay and Atrato, offer additional flexibility, particularly for younger demographics. While currently comprising just 2% of e-commerce transactions, BNPL adoption is growing as consumers and merchants embrace alternative credit solutions.

“Mexico trails behind other countries globally and in Latin America in reducing cash reliance, despite comparable rates of cash usage just a few years ago,” noted Espinoza.

The government’s CoDi platform, enabling QR-based account-to-account (A2A) transfers, aims to accelerate financial inclusion and reduce cash dependency.