A comprehensive overview of the cards, payments and consumer banking market in Mexico.
Demographics and the economy
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Appendices: Card Payments Data
Appendix I: Demographics and the economy
Appendix II: Payments environment
Appendix III: Cards market
Appendix IV: Mobile payments
Appendix V: Profit pool
Appendix VI: Card networks
Appendix VII: Key retail banks and issuers
Appendix VIII: Acquiring and processing
Appendix IX: Online acquiring
Demographics and Economy:
Mexico has a relatively young population, with 26% under 15 years of age and only 7% older than 65 in 2019. There are an estimated 33.6 million households in Mexico, with an average monthly income of $841.
Despite the progress made in recent years, Mexican consumers remain underserved in terms of financial services such as credit cards, pension plans and insurance products in comparison with citizens of other OECD countries.
Payment cards in Mexico have grown significantly to reach about 182 million cards in issue as of December 2018, of which 15.3% are credit cards. Between 2013 and 2018, the number of debit cards in issue grew by 22%.
With the number of smartphones doubling the number of individuals with a bank account, Banco de Mexico and Mexico s Banking Association (ABM), made another strong move towards migrating cash transactions.
During 2018, about 52% of the total credit card portfolio revolved at an average APR of 25.1%. In 2013, rollover rates reached 56%; however, the introduction to the market of interest-free instalments meant cardholders started using their credit cards as a payment instrument.
Visa leads this credit cards market in terms of both cards in issue and billed volume, with 53 and 54% respectively. The remainder of the market is shared between Mastercard, American Express and Carnet, a local card network.
Key Retail Banks and Issuers:
The six largest issuers in terms of the number of credit cards in Mexico are Citibanamex, BBVA, BanCoppel, Santander, Inbursa and Banorte. Together they accounted for, at the end of 2018, 88% of both credit cards in issue and of credit card outstandings.
Acquiring and Processing:
Large domestic acquirers such as Citibanamex, Santander and Scotiabank have developed partnerships with acquiring processing companies EVO, Elavon and Fiserv respectively.
Online acquired billed volume reached a total of $12.4 billion in 2019, which was an increase of 28% compared with 2018. The average transaction value in 2019 stood at $28, compared with $34 the previous year.
Regulatory and Markets Information:
The country's openness to foreign investment, the size of its economy and the drive for financial inclusion combine to make Mexico an attractive market for international retail banks, payment service providers and fintechs alike.
Banco de México
Banco Nacional de Mexico
Banco Paga Todo
Banco Santander Mexico
Bank of America
Blue Label Mexico
Blue Label Telecoms
Circulo de Credito
El Palacio de Hierro
Farmacias del Ahorro
Financial Inclusion Council
Grupo Financiero Banamex-Accival
Instituciones de Banca de Desarrollo
Instituciones de Banca Multiple
International Telecommunication Union
Los 40 Principales
Pull & Bear
Rayados de Monterrey
Santander Central Hispano
Tiendas Coppel (2006)
Universidad Nacional Autónoma de Mexico
Up Si Vale
Walmart de Mexico
Verisk reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit in Latin American countries. A dedicated team of analysts and researchers use both primary and secondary source data and conduct in-depth interviews with senior Latin American industry executives and experts.
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