Mexico’s Contactless Payments Surge 150% in 2024: ABM

Contactless payments in Mexico have grown by 150% over the past year, demonstrating increasing consumer interest in innovative payment solutions, according to the Mexican Banking Association (ABM).

STP identifies two primary factors driving the adoption of contactless payments in Mexico:

• Digitalization and Technology: From enabling money transfers between devices to facilitating transactions on e-commerce platforms through methods like SPEI or CoDi, digital solutions are becoming integral to modern commerce.

• Convenience and Speed: Consumers increasingly seek quick, hassle-free purchasing experiences. Contactless payments, especially via smartphones or wearables, eliminate the need for physical cards, enhancing both security and efficiency.

The shift toward digital payments highlights the need for businesses, particularly small and medium-sized enterprises (SMEs), to adopt these technologies. A recent study revealed:

• 91% of Mexican consumers believe SMEs should accept digital payments.

• 83% think digital wallets could benefit businesses.

• 34% exclusively shop with merchants offering online payment options.

While smartphone-based contactless payments are gaining momentum, other methods are also emerging as key drivers of business growth. Jaime Márquez Poo, Executive Director of Business Development, STP, emphasized QR codes and Near Field Communication (NFC) as leading technologies shaping the market.