Mexico Digital Payments Push Hinges on Trust

Mexico’s fintech sector is stepping up infrastructure investment and cross-institutional coordination to accelerate the shift from a cash-dominant economy, where digital payments still represent just 18% of transactions and cash accounts for 82%. Led by players such as STP, Stori, and tapi, the industry is leveraging SPEI instant transfers and behavioral science-driven product design to close infrastructure gaps and build trust among unbanked users. The effort aims to reduce friction in corporate collections and expand financial inclusion through secure, data-driven digital ecosystems that can scale across retail and enterprise segments.

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Fintech executives said Mexico’s shift toward digital payments and stronger financial health will hinge on coordinated action, infrastructure investment and responsible product design, as the industry works to reduce cash dependence and broaden access to formal financial services. While digital adoption is advancing, structural barriers — including infrastructure gaps, trust deficits and product design limitations — continue to constrain scale.

Jaime Márquez Poo, partner and executive director of business development, Sistema de Transferencias y Pagos (STP), said alignment across institutions and regulators is essential to accelerate the transition.

“Responsibility begins with having a clear mandate,” Márquez Poo told MBN. “Everyone in the financial sector ultimately shares the same goal: expanding financial inclusion, accelerating digitalization and gradually displacing cash.” He warned that fragmented initiatives can dilute impact, whereas coordinated strategies can materially speed up adoption.

According to Márquez Poo, cash usage has declined but remains dominant. Cash accounted for roughly 95% of transactions six years ago and now represents approximately 82%. Projections suggest it could still account for more than half of all transactions by 2030.

“It is a gradual process,” he said. “The shift is already underway, but structural inertia remains strong.”

Infrastructure remains a central bottleneck. Kevin Litvin, CBO and co-founder,  tapi, said the company recently closed a US$27 million (MX$479 million) investment round to expand its payment and collection network in Mexico.

“This capital is fully allocated to strengthening our infrastructure in Mexico,” Litvin told MBN. “There is still a significant opportunity because many companies struggle to manage collections efficiently, and cash usage remains elevated.”

While Mexico’s Sistema de Pagos Electrónicos Interbancarios (SPEI) provides robust instant transfer capabilities, Litvin said payment rails alone are insufficient without broader ecosystem development.

“You can build strong instant transfer rails, but without infrastructure that integrates more people into the digital economy, those rails will not achieve their full potential,” he said. Expanding access points and improving interoperability, he added, can reduce transaction costs, operational friction and error rates.

Beyond infrastructure, fintech leaders emphasized that product architecture will determine whether financial inclusion translates into financial resilience. Marlene Garayzar, CGO and co-founder, Stori, said financial services must integrate behavioral science directly into product design to foster sustainable user outcomes.

“Responsible design means embedding financial education within the product itself,” Garayzar said. “It is not about adding separate educational modules — it is about shaping user behavior through communication, reminders and in-app experiences.”

She stressed that expanding access to credit is insufficient if products fail to support responsible usage. “Trust is foundational,” she said. “Users must feel protected — from unexpected charges, from misuse of their data and through clear contractual safeguards.”

Cybersecurity and data protection, she added, are central to maintaining long-term user confidence in digital platforms.

Industry participants agreed that responsibility extends beyond innovation to ensuring systemic stability. In payments and collections, Litvin said responsible growth must translate into tangible cost reductions for both consumers and businesses.

Márquez Poo underscored the importance of sustained institutional coordination. “Progress requires continuity,” he said. “If regulators, financial institutions and service providers remain aligned, the transition will accelerate.”

Garayzar concluded that technology alone cannot guarantee financial well-being. “Technology is an enabler, but finance is fundamentally human,” she said. “Platforms must solve real problems, but trust and behavior ultimately determine adoption.”

Together, fintech leaders framed Mexico’s digital finance transition not as a purely technological shift, but as a structural transformation requiring alignment between infrastructure, regulation, product design and user trust.