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Country Report

Financial Cards and Payments in

Financial Cards and Payments in Mexico

Nov 2020

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

COVID-19 impact on consumer payments

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.

COVID-19 country impact

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.

Financial card players offer clients payment extensions to help them through difficult economic times

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.

Online purchases with financial cards spike during lockdown

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.

All players, including new Fintech companies, are looking to target younger consumers

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.

What next for consumer payments?

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

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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.

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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:

Analysis of key supply-side and demand trends
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Financial Cards and Payments in Mexico?
What are the major operators and issuers in Mexico?
How will regulation impact the market?
What is the current state of emerging payment technologies such as mobile commerce?

Why buy this report?

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

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.

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Financial Cards and Payments in Mexico - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Financial card players offer clients payment extensions to help them through difficult economic times

Online purchases with financial cards spike during lockdown

All players, including new Fintech companies, are looking to target younger consumers

What next for consumer payments?

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2015-2020
Table 2 Number of ATMs: Units 2015-2020
Table 3 Value Lost to Fraud 2015-2020
Table 4 Card Expenditure by Location 2020
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2015-2020
Table 6 Domestic versus Foreign Spend 2020

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2015-2020
Table 8 Financial Cards by Category: Number of Accounts 2015-2020
Table 9 Financial Cards Transactions by Category: Value 2015-2020
Table 10 Financial Cards by Category: Number of Transactions 2015-2020
Table 11 Consumer Payments by Category: Value 2015-2020
Table 12 Consumer Payments by Category: Number of Transactions 2015-2020
Table 13 M-Commerce by Category: Value 2015-2020
Table 14 M-Commerce by Category: % Value Growth 2015-2020
Table 15 Financial Cards: Number of Cards by Issuer 2015-2019
Table 16 Financial Cards: Number of Cards by Operator 2015-2019
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2015-2019
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 20 Forecast Financial Cards by Category: Number of Accounts 2020-2025
Table 21 Forecast Financial Cards Transactions by Category: Value 2020-2025
Table 22 Forecast Financial Cards by Category: Number of Transactions 2020-2025
Table 23 Forecast Consumer Payments by Category: Value 2020-2025
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2020-2025
Table 25 Forecast M-Commerce by Category: Value 2020-2025
Table 26 Forecast M-Commerce by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Charge Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

American Express remains the only player in charge cards in Mexico

Number of cards declines in 2020 amidst the COVID-19 pandemic

Debit cards seen as offering better control of consumers’ finances

RECOVERY AND OPPORTUNITIES

Charge cards will return to recording positive growth rates from 2021

American Express will look to get consumers back to former spending habits as soon as possible

Charge cards will be unaffected by new regulations aimed at Fintechs and open banking

CATEGORY DATA

Table 27 Charge Cards: Number of Cards in Circulation 2015-2020
Table 28 Charge Cards Transactions 2015-2020
Table 29 Charge Cards in Circulation: % Growth 2015-2020
Table 30 Charge Cards Transactions: % Growth 2015-2020
Table 31 Commercial Charge Cards: Number of Cards in Circulation 2015-2020
Table 32 Commercial Charge Cards Transactions 2015-2020
Table 33 Commercial Charge Cards in Circulation: % Growth 2015-2020
Table 34 Commercial Charge Cards Transactions: % Growth 2015-2020
Table 35 Personal Charge Cards: Number of Cards in Circulation 2015-2020
Table 36 Personal Charge Cards Transactions 2015-2020
Table 37 Personal Charge Cards in Circulation: % Growth 2015-2020
Table 38 Personal Charge Cards Transactions: % Growth 2015-2020
Table 39 Charge Cards: Number of Cards by Issuer 2015-2019
Table 40 Charge Cards: Number of Cards by Operator 2015-2019
Table 41 Charge Cards Payment Transaction Value by Issuer 2015-2019
Table 42 Charge Cards Payment Transaction Value by Operator 2015-2019
Table 43 Commercial Charge Cards: Number of Cards by Issuer 2015-2019
Table 44 Commercial Charge Cards: Number of Cards by Operator 2015-2019
Table 45 Commercial Charge Cards Payment Transaction Value by Issuer 2015-2019
Table 46 Commercial Charge Cards Payment Transaction Value by Operator 2015-2019
Table 47 Personal Charge Cards: Number of Cards by Issuer 2015-2019
Table 48 Personal Charge Cards: Number of Cards by Operator 2015-2019
Table 49 Personal Charge Cards Transaction Value by Issuer 2015-2019
Table 50 Personal Charge Cards Transaction Value by Operator 2015-2019
Table 51 Forecast Charge Cards: Number of Cards in Circulation 2020-2025
Table 52 Forecast Charge Cards Transactions 2020-2025
Table 53 Forecast Charge Cards in Circulation: % Growth 2020-2025
Table 54 Forecast Charge Cards Transactions: % Growth 2020-2025
Table 55 Forecast Commercial Charge Cards: Number of Cards in Circulation 2020-2025
Table 56 Forecast Commercial Charge Cards Transactions 2020-2025
Table 57 Forecast Commercial Charge Cards in Circulation: % Growth 2020-2025
Table 58 Forecast Commercial Charge Cards Transactions: % Growth 2020-2025
Table 59 Forecast Personal Charge Cards: Number of Cards in Circulation 2020-2025
Table 60 Forecast Personal Charge Cards Transactions 2020-2025
Table 61 Forecast Personal Charge Cards in Circulation: % Growth 2020-2025
Table 62 Forecast Personal Charge Cards Transactions: % Growth 2020-2025

Credit Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Consumers more reluctant to use their credit cards during the pandemic for fear of accruing further debt

Payment processors helping to drive credit card usage

New products and benefits continue to expand the offer

RECOVERY AND OPPORTUNITIES

Contactless cards and mobile payments are anticipated to see dynamic growth

Fintech players helping to expand the products and benefits available

Delinquency rates could increase as a result of COVID-19’s economic impact

CATEGORY DATA

Table 63 Credit Cards: Number of Cards in Circulation 2015-2020
Table 64 Credit Cards Transactions 2015-2020
Table 65 Credit Cards in Circulation: % Growth 2015-2020
Table 66 Credit Cards Transactions: % Growth 2015-2020
Table 67 Commercial Credit Cards: Number of Cards in Circulation 2015-2020
Table 68 Commercial Credit Cards Transactions 2015-2020
Table 69 Commercial Credit Cards in Circulation: % Growth 2015-2020
Table 70 Commercial Credit Cards Transactions: % Growth 2015-2020
Table 71 Personal Credit Cards: Number of Cards in Circulation 2015-2020
Table 72 Personal Credit Cards Transactions 2015-2020
Table 73 Personal Credit Cards in Circulation: % Growth 2015-2020
Table 74 Personal Credit Cards Transactions: % Growth 2015-2020
Table 75 Credit Cards: Number of Cards by Issuer 2015-2019
Table 76 Credit Cards: Number of Cards by Operator 2015-2019
Table 77 Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 78 Credit Cards Payment Transaction Value by Operator 2015-2019
Table 79 Commercial Credit Cards: Number of Cards by Issuer 2015-2019
Table 80 Commercial Credit Cards: Number of Cards by Operator 2015-2019
Table 81 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 82 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019
Table 83 Personal Credit Cards: Number of Cards by Issuer 2015-2019
Table 84 Personal Credit Cards: Number of Cards by Operator 2015-2019
Table 85 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 86 Personal Credit Cards Payment Transaction Value by Operator 2015-2019
Table 87 Forecast Credit Cards: Number of Cards in Circulation 2020-2025
Table 88 Forecast Credit Cards Transactions 2020-2025
Table 89 Forecast Credit Cards in Circulation: % Growth 2020-2025
Table 90 Forecast Credit Cards Transactions: % Growth 2020-2025
Table 91 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 92 Forecast Commercial Credit Cards Transactions 2020-2025
Table 93 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 94 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025
Table 95 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 96 Forecast Personal Credit Cards Transactions 2020-2025
Table 97 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025
Table 98 Forecast Personal Credit Cards Transactions: % Growth 2020-2025

Debit Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Spending on personal debit cards increases as consumers look to minimise long-term debt

Personal debit cards sees the appearance of new products and offers

Use of commercial debit cards hit at the height of the pandemic

RECOVERY AND OPPORTUNITIES

Debit cards set for further growth over the forecast period

Debit cards should benefit from consumers looking to not spend more than their disposable income

Commercial cards expected to outpace the personal cards growth for debit functions

CATEGORY DATA

Table 99 Debit Cards: Number of Cards in Circulation 2015-2020
Table 100 Debit Cards Transactions 2015-2020
Table 101 Debit Cards in Circulation: % Growth 2015-2020
Table 102 Debit Cards Transactions: % Growth 2015-2020
Table 103 Debit Cards: Number of Cards by Issuer 2015-2019
Table 104 Debit Cards: Number of Cards by Operator 2015-2019
Table 105 Debit Cards Payment Transaction Value by Issuer 2015-2019
Table 106 Debit Cards Payment Transaction Value by Operator 2015-2019
Table 107 Forecast Debit Cards: Number of Cards in Circulation 2020-2025
Table 108 Forecast Debit Cards Transactions 2020-2025
Table 109 Forecast Debit Cards in Circulation: % Growth 2020-2025
Table 110 Forecast Debit Cards Transactions: % Growth 2020-2025

Pre-Paid Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

New transportation card launched in Mexico City

Pre-paid cards continue to be used during the pandemic

Renewal of the government’s Tarjeta del Bienestar welfare card programme

RECOVERY AND OPPORTUNITIES

Relatively slow growth expected for open-loop pre-paid cards

Closed-loop pre-paid cards will see dynamic growth over the forecast period

Employee benefits not expected to be a source of growth for open-loop pre-paid cards

CATEGORY DATA

Table 111 Pre-paid Cards: Number of Cards in Circulation 2015-2020
Table 112 Pre-paid Cards Transactions 2015-2020
Table 113 Pre-paid Cards in Circulation: % Growth 2015-2020
Table 114 Pre-paid Cards Transactions: % Growth 2015-2020
Table 115 Closed Loop Pre-paid Cards Transactions 2015-2020
Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 117 Open Loop Pre-paid Cards Transactions 2015-2020
Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 119 Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 120 Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 121 Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 122 Pre-paid Cards Transaction Value by Operator 2015-2019
Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 132 Forecast Pre-paid Cards Transactions 2020-2025
Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025
Table 134 Forecast Pre-paid Cards Transactions: % Growth 2020-2025
Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2020-2025
Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 137 Forecast Open Loop Pre-paid Cards Transactions 2020-2025
Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025

Store Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Store card transactions negatively affected by the stay-at-home period in 2020

Slowdown in the number of new cards in circulation

Stores offer their clients payment extensions

RECOVERY AND OPPORTUNITIES

More store cards in circulation than credit cards, showing the potential for this card type

Payment extensions likely to mean rising outstanding balance

Store card numbers will continue to grow over the forecast period

CATEGORY DATA

Table 139 Store Cards: Number of Cards in Circulation 2015-2020
Table 140 Store Cards Transactions 2015-2020
Table 141 Store Cards in Circulation: % Growth 2015-2020
Table 142 Store Cards Transactions: % Growth 2015-2020
Table 143 Store Cards: Number of Cards by Issuer 2015-2019
Table 144 Store Cards: Payment Transaction Value by Issuer 2015-2019
Table 145 Forecast Store Cards: Number of Cards in Circulation 2020-2025
Table 146 Forecast Store Cards Transactions 2020-2025
Table 147 Forecast Store Cards in Circulation: % Growth 2020-2025
Table 148 Forecast Store Cards Transactions: % Growth 2020-2025

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Megatrends

Country Report

Financial Cards and Payments in Mexico

New Report Guarantee

Executive Summary

New Report Guarantee

COVID-19 impact on consumer payments

COVID-19 country impact

Financial card players offer clients payment extensions to help them through difficult economic times

Online purchases with financial cards spike during lockdown

All players, including new Fintech companies, are looking to target younger consumers

What next for consumer payments?

Overview

Why buy this report?

Samples (FAQs about samples):

Want to find out more about this report?

Table of Contents

Financial Cards and Payments in Mexico - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Financial card players offer clients payment extensions to help them through difficult economic times

Online purchases with financial cards spike during lockdown

All players, including new Fintech companies, are looking to target younger consumers

What next for consumer payments?

MARKET INDICATORS

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Charge Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

American Express remains the only player in charge cards in Mexico

Number of cards declines in 2020 amidst the COVID-19 pandemic

Debit cards seen as offering better control of consumers’ finances

RECOVERY AND OPPORTUNITIES

Charge cards will return to recording positive growth rates from 2021

American Express will look to get consumers back to former spending habits as soon as possible

Charge cards will be unaffected by new regulations aimed at Fintechs and open banking

CATEGORY DATA

Credit Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Consumers more reluctant to use their credit cards during the pandemic for fear of accruing further debt

Payment processors helping to drive credit card usage

New products and benefits continue to expand the offer

RECOVERY AND OPPORTUNITIES

Contactless cards and mobile payments are anticipated to see dynamic growth

Fintech players helping to expand the products and benefits available

Delinquency rates could increase as a result of COVID-19’s economic impact

CATEGORY DATA

Debit Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Spending on personal debit cards increases as consumers look to minimise long-term debt

Personal debit cards sees the appearance of new products and offers

Use of commercial debit cards hit at the height of the pandemic

RECOVERY AND OPPORTUNITIES

Debit cards set for further growth over the forecast period

Debit cards should benefit from consumers looking to not spend more than their disposable income

Commercial cards expected to outpace the personal cards growth for debit functions

CATEGORY DATA

Pre-Paid Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

New transportation card launched in Mexico City

Pre-paid cards continue to be used during the pandemic

Renewal of the government’s Tarjeta del Bienestar welfare card programme

RECOVERY AND OPPORTUNITIES

Relatively slow growth expected for open-loop pre-paid cards

Closed-loop pre-paid cards will see dynamic growth over the forecast period

Employee benefits not expected to be a source of growth for open-loop pre-paid cards

CATEGORY DATA

Store Cards in Mexico - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Store card transactions negatively affected by the stay-at-home period in 2020

Slowdown in the number of new cards in circulation