Mexico

Mexico

General Information

  • Population 128.9m
  • Population 15 + 95.7m
  • Online Population 91.5m
  • Area 1,972,550 km2
  • Currency MXN
  • GDP 1,076.2bn USD
  • GDP per Capita 8,421 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"47"},{"label":"Cash-based payments","value":"8"},{"label":"Bank transfer","value":"10"},{"label":"Wallets","value":"27"},{"label":"Other","value":"8"}]
Banked population
  • Mexico 37%
  • South & Central America 56%
  • World 67%
Credit card penetration
  • Mexico 10%
  • South & Central America 18%
  • World 19%
Internet penetration
  • Mexico 71%
  • South & Central America 70%
  • World 62%
Smartphone penetration
  • Mexico 68%
  • South & Central America 71%
  • World 70%

Mexico’s annual shopping bonanza Hot Sale which lasts up to 11 days in May 2021 showed an increased retail growth rate of 24% for those sellers who are purely online compared to 2020. In total, when adjusted for the shorter selling period this year, 2021 showed an increase of 15%.

In 2020 Amazon made the decision to allow Mexican shoppers to pay online using OXXO. An invoice with a barcode is created which can be paid for at any one of the 19,000 OXXO stores across Mexico.

The Mexican economy is forecast to grow by 5% in 2021 and 3.2% in 2022 helped by a strong recovery by the United States as well as growing manufacturing exports.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 33.5
2022 40.3
2023 47.9
2024 55.1
2025 62.8
E-Commerce spending per capita ($US)
2021 261
2022 311
2023 366
2024 417
2025 470
E-Commerce spending as % of GDP
2021 2.8
2022 3.1
2023 3.5
2024 3.9
2025 4.2

Mexico

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 61% | 27%
  2. Electrical Goods: 9% | 20%
  3. Health & Beauty: 9% | 16%
  4. Toys, DIY, & Hobbies: 8% | 12%
  5. Homeware & Furniture: 5% | 11%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 31%
  2. Value of cross-border e-commerce ($US billion) – 9.6
  3. % of online shoppers who have shopped cross-border – 47%

Top 3 cross-border shopping origin markets

  1. USA: 43%
  2. China: 35%
  3. Japan: 4%
E-commerce % of total retail
  • Mexico 6%
  • South & Central America 4.9%
  • World 20%
E-commerce completed on a mobile device
  • Mexico 53%
  • South & Central America 47%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • Local schemes
  • Other
[{"label":"Visa","value":"19"},{"label":"Mastercard","value":"12"},{"label":"Local schemes","value":"67"},{"label":"Other","value":"2"}]
  • E-commerce market size ($US billion) 31.3bn USD
  • E-Commerce spending per capita ($US) 246 USD
  • E-commerce spending as % of GDP 2.7%

Mexico

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High OXXO Type Cash Regions South & Central America Market relevance High OXXO Pay Type Cash Regions South & Central America Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High PaysafeCard Type Prepaid voucher Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High PayU Type Bank transfer Regions Asia Pacific + 4 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Apple Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Mercado Pago Type Wallet Regions South & Central America Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High Samsung Pay Type Wallet Regions Asia Pacific + 5 Market relevance High SPEI Type Bank transfer Regions South & Central America Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 Market relevance High todito Cash Type Wallet Regions South & Central America Market relevance High AstroPay Type Prepaid voucher Regions Asia Pacific, Middle East & Africa, South & Central America + 1 Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific + 5 Market relevance Medium Amex LOCAL Type Local payment card Regions South & Central America Azteca Type Bank transfer Regions South & Central America Banorte Type Bank transfer Regions South & Central America BBVA Type Bank transfer Regions Middle East & Africa, North America, South & Central America + 1 BBCA Bancomer Type Bank transfer, Cash Regions South & Central America BBVA Bancomer Type Bank transfer, Cash Regions South & Central America BBVA Wallet Type Wallet Regions North America, South & Central America Boloro Type Wallet Regions Asia Pacific + 5 G2A Pay Type Wallet Regions Asia Pacific + 5 MasterCard LOCAL Type Local payment card Regions South & Central America Market relevance High NETELLER Type Wallet Regions Asia Pacific + 5 Santander Domiciliación Type Buy Now, Pay Later Regions South & Central America Santander Mexico Type Bank transfer, Cash Regions South & Central America Visa LOCAL Type Local payment card Regions South & Central America Market relevance High Santander Super Digital App Type Prepaid card Regions South & Central America Market relevance High Splitit Type Instalments Regions Asia Pacific + 5

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