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Learn moreNov 2020
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At the beginning of the lockdown period an increase in cash withdrawals and the circulation of cash was seen, with people not sure how long the lockdown would last and how the banks would be operating. In addition, a drop in transactions through points of sales was seen, mainly in foodservice establishments and tourism-related business, such as hotels, airlines or entertainment services.
The Mexican government announced nationwide restrictions on non-essential economic activities in most municipalities on 30 March, which took effect the following day, with the population urged to stay at home, where possible. On 16 April, the government extended these restrictions to last until 30 May, with the peak of the COVID-19 epidemic in Mexico occurring in May.
In the short term, financial cards were generally seeing increased use when consumers were forced to use e-commerce more during lockdown and were also avoiding handling cash when making in-person purchases at essential stores or other locations. However, there was also an element of consumers focusing their spending on more essential items during the lockdown, both due to the prevailing situation but also the economic impact of the measures taken to try and slow the spread of COVID-19.
Electronic payments recorded a huge increase along with the rise in online purchases, as people were forced to use online services and payments due to the lockdown. Previous users increased the number of transactions they were making via e-commerce, paying with their credit cards and, in particular, their debit cards, while some new online shoppers were testing making purchases via the internet for the first time with their credit and debit cards.
The arrival of increasing numbers of Fintech companies that offer online credit and debit cards with faster processes than traditional banks and benefits, such as fewer requirements or lower annual interest rates, is being seen in Mexico, threatening to shake up the financial cards market.
It is expected that, in spite of the ongoing presence of COVID-19, possibly well into 2021, the country’s economy will start to see a recovery and consumers will become more confident in terms of using credit cards for purchasing big-ticket items with deferral payments. It is also expected that the government will continue to boost the usage of financial cards with strategies to increase the banked population, while the arrival of new competitors, include Fintech players, will bring more benefits for consumers.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Mexico with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Mexico, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Mexico market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Mexico, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.