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Mexico
Mexico, a large North American country with a population of approximately 128 million people, has developed a diverse and resilient economy, supported by strong institutions, a complex democratic system, and growing digital innovation.
Mexico's economy is multifaceted, with key sectors including manufacturing, services, agriculture, petroleum exports, and an increasingly sophisticated digital financial ecosystem. Manufacturing, particularly in automotive and electronics, remains a cornerstone of the economy, accounting for a significant portion of exports. The country has made notable strides in developing its payment system infrastructure, with leading online payment providers facilitating seamless transactions that support e-commerce, tourism, gambling, and domestic businesses. Mexico is a member of USMCA (United States-Mexico-Canada Agreement), which enhances trade and investment with its North American partners.
Mexico has demonstrated resilience in recovering from the economic impacts of the COVID-19 pandemic. The economy grew by 3.6% in 2022, driven by a rebound in manufacturing exports, domestic consumption, tourism, and the expanded use of digital payment solutions, enhancing consumer access and business efficiency. Growth continued at a rate of 3.2% in 2023, supported by strong manufacturing performance, remittances, and a robust online payment ecosystem. Global economic uncertainties and fluctuating commodity prices are expected to moderate growth to around 2.5% in 2024.
Inflation in Mexico peaked at 8.7% in early 2022 and remained elevated throughout 2023. The Bank of Mexico (Banxico) implemented monetary tightening policies to bring inflation closer to its target range of 3% ± 1%. Inflation is expected to gradually decrease to around 5.5% by 2024. Unemployment averaged 3.6% in 2023, supported by ongoing economic growth, government employment initiatives, and the expansion of digital payment platforms creating new fintech job opportunities.
Mexico maintains a pragmatic fiscal policy, focusing on fiscal discipline, social inclusion, and sustainable development. Public debt remains significant relative to GDP, but fiscal responsibility has maintained investor confidence.
Mexico is also investing heavily in renewable energy, including wind, solar, and hydroelectric power, strengthening green growth and digital innovation.
Payments and financial services in Mexico:
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Top banks
BBVA
BBVA (Banco Bilbao Vizcaya Argentaria) is a leading global financial group headquartered in Spain, operating in over 30 countries, including Colombia, Mexico, and Portugal. The bank provides a full range of retail banking, corporate banking, investment banking, and wealth management services, with a strong focus on digital banking solutions through online and mobile platforms. BBVA is also committed to sustainability, integrating ESG practices across its operations, and is regulated by authorities such as Banco de España and Banco de Portugal.
Santander
Santander LATAM is a top financial institution in Latin America, serving key markets including Brazil, Mexico, Chile, Argentina, Colombia, Peru, and Uruguay. The bank offers comprehensive banking solutions such as personal banking, business banking, corporate banking, investment services, and digital banking. With a focus on financial inclusion, innovation, and customer-centric solutions, Santander LATAM strengthens economic growth and provides secure, convenient, and accessible banking services across the region. Trusted by millions of customers, Santander LATAM combines digital transformation, sustainable banking, and advanced financial solutions to meet the evolving needs of individuals and businesses in Latin America.
Banamex (139 years)
Banamex, with over a century of experience, is a leading financial institution in Mexico. The bank provides a full range of retail banking, corporate banking, loans, credit cards, investment services, and wealth management solutions, supporting individuals, families, businesses, social organizations, and institutions across the country.
Banorte
Grupo Financiero Banorte (GFNorte) is a leading financial institution in Mexico, offering a comprehensive range of traditional and digital banking products and services. The group provides retail banking, corporate banking, mortgage loans, government loans, investment services, mutual funds, annuities, insurance, leasing, factoring, and retirement savings (Afore XXI Banorte). Banorte is the second-largest bank in Mexico by loan portfolio, a top provider of government and mortgage loans, and a leader in digital banking innovation.
HSBC
HSBC, founded in 1865 in Hong Kong, is a global bank serving customers in Mexico, the UK, and worldwide. It provides retail, corporate, investment, and international banking services, facilitating trade, growth, and financial opportunities while promoting sustainability and innovation.
Scotiabank
Grupo Financiero Scotiabank Inverlat, part of the Scotiabank Group, is a leading financial institution in Mexico and Colombia. The bank offers a full range of retail, corporate, and private banking services, including loans, credit, savings, wealth management, foreign exchange, and investment solutions. With hundreds of branches and ATMs, Scotiabank Inverlat serves individuals, SMEs, corporations, and government clients across both countries.
Inbursa
Inbursa, owned by Mexican billionaire Carlos Slim, is a leading financial services company in Mexico. Through its subsidiaries, Inbursa offers a wide range of banking, commercial banking, investment funds, mortgages, personal and business loans, general insurance, automobile insurance, health insurance, and retirement funds. The company serves individuals, businesses, and investors across Mexico.
BanBajío
Banco del Bajío, headquartered in León, Guanajuato, Mexico, is one of the fastest-growing local banks in Mexico. Ranked among the top 10 banks in Mexico by customer deposits, it offers a full range of lending services, personal and business banking, credit solutions, and financial products for individuals and businesses.
Banco Azteca
Banco Azteca is a leading Mexican bank operating in Mexico, Panama, Guatemala, and Honduras, providing a wide range of financial products and services. The bank specializes in consumer credit, personal loans, small business loans, credit cards, mortgages, and payroll systems, serving individuals, families, and businesses across the region.
Banco de Mexico/ SPEI
SPEI® (Sistema de Pagos Electrónicos Interbancarios), operated by Banco de México, is a real-time electronic funds transfer system that enables secure and instant interbank transfers across Mexico. SPEI allows individuals, businesses, and financial institutions to send and receive large-value and retail payments, providing detailed transaction information for sender and beneficiary. It is a key tool for digital banking, instant payments, financial transactions, and efficient money transfers in Mexico.
Top payment methods
There are three forms of electronic payments that shoppers in Mexico choose most often: payments made through OXXO, SPEI, Mercado Pago, and PayPal…. Each of these electronic or mobile payment methods varies slightly. And Vouchers like: Farmacias del Ahorro, Hamsa, 7 Eleven.
Carnet
Although Visa and Mastercard are responsible for more than 90% of all cards in Mexico, Carnet is a local brand created in 1968 that deserves to be mentioned. According to its official website, Carnet has 82 issuers and already issued more than 18 million cards. It is currently accepted by more than 600,000 venues and around 67,000 ATMs, besides counting with four memberships tiers: Esencial, Clásica, Oro and Platina.
Mercado Pago
Whether you want to integrate Mercado Pago for your business or you are a developer integrating for others, Mercado Pago offers different solutions that allow you to receive virtual or in-person payments.
You can offer payments with various types of payment in physical stores or online stores through the payment link, QR Code, and the Mercado Pago device, Point, which may or may not be integrated with each other.
OXXO
OXXO is a popular cash-based payment method in Mexico that allows customers to pay for online purchases by getting a payment voucher and taking it to one of the many OXXO convenience stores to pay in cash. This is a key option for the unbanked population in Mexico and is used for everything from online shopping to paying bills.
Famsa
Famsa is an online cash payment voucher option in Mexico. Famsa allows online shoppers to check out by selecting Farmacias Benavides as the payment method. An instant voucher is created with the transaction amount and specific payment reference. The shopper then has the option to pay the voucher in cash in one of the Famsa stores or online. As soon as the payment is matched to the initial checkout, the merchant gets paid and can ship products or provide services. With many Mexican people not having access to credit or debit cards or banking products, Famsa allows merchants to tap into this substantial group of online buyers. Check below for the Payment Service Providers that help merchants to accept Famsa online in their web shop.
Farmacias del Ahorro
Farmacias del Ahorro is a cash-based online payment method in Mexico. Administered through a popular network of Mexico pharmacies, it allows online shoppers to check out by selecting Farmacias del Ahorro as the payment method.
The shopper then receives an instant voucher with the transaction amount and specific payment reference, after which they can pay the voucher in cash at one of the Farmacias del Ahorro stores or online.
Once the payment is matched to the initial checkout, the merchant gets paid and can ship products or provide services.
SPEI
PEI (Sistema de Pagos Electrónicos Interbancarios) is Mexico’s real-time payment system by Banco de México, enabling instant 24/7 bank transfers. In 2024, it processed 5.3 billion transactions worth MXN $219 trillion. With low fees (2–3%), nationwide bank coverage, and mobile QR support, SPEI powers fintech, e-commerce, and cross-border payments in Mexico. Leave email below to get this solution for your business.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Concluding remarks
Mexico’s payment landscape is evolving, combining cash, credit and debit cards, mobile payments, and digital wallets. Growing fintech adoption and digital banking are driving a cashless economy, enhancing financial inclusion, and supporting Mexico’s modern financial ecosystem.
Cash
Physical currency is still widely used in Mexico, and cash is commonly accepted in most stores and businesses.
Credit and debit cards
Visa, Mastercard, and American Express are widely accepted credit and debit cards in Mexico. However, not all businesses accept cards, and some may have a minimum purchase amount for card transactions. Cash remains a common alternative, particularly in smaller or local establishments. As digital payments continue to grow, mobile payment methods like Apple Pay and Google Pay are gaining traction in urban areas.
Mobile payments
Mobile payments are becoming increasingly popular in Mexico, with apps like MercadoPago, OXXO and PayPal allowing users to pay for goods and services using their smartphones.
Cryptocurrency
While not as widely used as other payment methods, cryptocurrency is becoming an increasingly popular way to pay for goods and services in Mexico, particularly Bitcoin.
Debit card
Debit card usage is common in Mexico, as they are connected to a bank account, and it is widely used to withdraw cash from ATMs.
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