.png)
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:
SEO keywords: Mexico economy, digital payments Mexico, e-commerce Mexico, fintech Mexico, online payments Mexico, Mexican pesos, ATMs Mexico, Wise debit card Mexico, USMCA Mexico, manufacturing Mexico, automotive Mexico, electronics Mexico, renewable energy Mexico, Bank of Mexico, inflation Mexico, investment Mexico, tourism Mexico, remittances Mexico, financial innovation Mexico.
Top banks
BBVA
BBVA (Banco Bilbao Vizcaya Argentaria) is a global financial group headquartered in Spain, founded in 1857. It is one of the largest banks in the world, operating in over 30 countries, including Portugal. BBVA offers a range of services, including retail banking, corporate banking, investment banking, and wealth management. Known for its focus on digital transformation, the bank provides advanced online and mobile banking services. BBVA is also committed to sustainability, integrating environmental, social, and governance (ESG) factors into its operations. It is regulated by banking authorities such as the Banco de España and Banco de Portugal.
Santander LATAM
South America serves individual and business customers through our presence in Brazil, Chile, Argentina, Uruguay, Colombia and Peru, providing us with a strong position and widespread presence in the region. Comprised of large economies and major portions of the population that are still unbanked, the region has great growth potential. In view of this scenario, we remain focused on expanding, sharing positive experiences from each country and delivering profitable growth, backed by (i) a sustainable increase in our customer base, prioritizing long-lasting relationships with customers by offering suitable services and continuously improving our customer support with creative solutions; (ii) unyielding pursuit of operational excellence through process reviews and digitalization; and (iii) strict risk management, always maintaining our loan quality indicators under control.
Banamex (139 years)
We have more than a century of experience and leadership promoting the progress of Mexico, its families, companies, social organizations, institutions and its people.
Banorte
Grupo Financiero Banorte (GFNorte), is a leading financial institution in Mexico, with the largest business diversification and continuously seeking ways to innovate in the financial sector, offering a wide variety of traditional and digital products and services, through its broker dealer, annuities & insurance companies, retirement saving funds (afore), mutual funds, leasing and factoring company, warehousing and recently announcing the inclusion of a digital bank. Banorte is the second largest financial group in Mexico in terms of loan portfolio, the number two provider of loans to governments and the second largest bank in mortgage loans. In addition, the retirement fund administrator Afore XXI Banorte, of which GFNorte owns 50%, is the largest in the country in terms of assets under management.
HSBC
HSBC was born from one simple idea – a local bank serving international needs. In March 1865, HSBC opened its doors for business in Hong Kong, helping to finance trade between Europe and Asia. Our purpose – Opening up a world of opportunity – explains why we exist. We’re here to use our unique expertise, capabilities, breadth and perspectives to open up new kinds of opportunity for our customers. We’re bringing together the people, ideas and capital that nurture progress and growth, helping to create a better world – for our customers, our people, our investors, our communities and the planet we all share.
Scotiabank
Grupo Financiero Scotiabank Inverlat is a member of Scotiabank Group, a global financial services company, whose headquarters are in Toronto, Canada. Scotiabank is one of the leading financial institutions in North America and it is Canada's most international bank. It offers financial products and services to individuals, small and medium businesses, enterprises and to the government sector. With 671 branches (624 and 47 Bank Private Banking and Wealth) and 1,468 ATMs nationwide, Grupo Financiero Scotiabank Inverlat, offers a wide range of financial products and services, which include traditional banking, foreign exchange and markets to individuals, commercial and corporate clients.
Inbursa
Inbursa is a financial company which, through its subsidiaries, provides banking and related services in Mexico. The company operates business lines in investment funds, general insurance, automobile insurance, mortgages, health insurance, retirement funds and commercial banking.[1] The company is owned by Mexican billionaire Carlos Slim.
BanBajío
Banco del Bajío is a Mexican bank headquartered in León, Guanajuato, Mexico. It is one of the major banks in Mexico and fastest growing local banks in the country. It is the 8th largest in terms of customer deposits and provided lending services
Banco Azteca
Banco Azteca is a Mexican bank chain which operates in Mexico, Panama, Guatemala, and Honduras. It previously operated in Peru and El Salvador as well. The company's products are consumer credit for goods, personal loans, small business loans, credit cards, mortgages and payroll systems.
Banco de Mexico/ SPEI
SPEI® is a large-value funds transfer system in which participants can make transfers among themselves on behalf of themselves or their customers. Each payment order contains information allowing identification of the sender client and the client to whom the payment should be credited.
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
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.
For more information contact us: info@processing.news
About Processing News
You Won’t Learn This in Business School – Real Industry Insight
The global payments industry evolves faster than ever — powering everything from digital banking to eCommerce transactions. Yet few truly understand how payment processing, fintech innovation, and financial technology shape the world economy. That’s where Processing News comes in. At Processing News, we don’t just report on the payments ecosystem — we’ve built, run, and innovated within it. Our team of experts includes former fintech executives, payment system architects, compliance officers, and technology insiders who bring real-world experience to every article. We launched Processing News to be the Wikipedia of Payments — accessible, in-depth, and always accurate. In an era of clickbait and recycled press releases, we deliver trusted payments journalism rooted in industry expertise and data-driven analysis. Whether it’s new payment regulations, card network updates, emerging fintech startups, or fraud prevention trends, we provide clear, credible insight into what truly drives the global payment processing industry.
Welcome to Processing News — Real people. Real experience. Real payments journalism.
Contact us:
