Mexico
A leading Latin American payments market transforming through digital inclusion and fintech growth
Overview
Mexico’s payments ecosystem is expanding rapidly through digitalization financial inclusion and fintech innovation
Government programs promoting cashless transactions and a surge in mobile connectivity have accelerated adoption of digital wallets card usage and instant transfers
The CoDi (Cobro Digital) platform introduced by the Bank of Mexico enables instant QR based payments across banks and fintechs further integrating consumers and businesses into the formal economy
Key Characteristics
High potential for growth with large unbanked and underbanked segments
Rapid adoption of QR payments and mobile banking through CoDi
Expanding fintech ecosystem supported by progressive regulation
E commerce growth driving greater acceptance of digital methods
Supported Payment Methods
CoDi instant QR payment system
Credit and debit cards Visa Mastercard and Carnet
Digital wallets such as Mercado Pago and PayPal
Bank transfers via SPEI instant transfer system
Cash payment options like OXXO Pay remain important for inclusion
Key Providers
Major banks including BBVA Banorte Santander and Citibanamex
Fintech leaders such as Mercado Pago Clip and Konfío expanding digital reach
Local card network Carnet and growing acceptance of international schemes
Regulation and Compliance
The Bank of Mexico and National Banking and Securities Commission (CNBV) regulate the sector with strong focus on fintech licensing cybersecurity and interoperability
Policies such as the Fintech Law encourage innovation while protecting consumers and ensuring data privacy
Strengths / Differentiators
Strong government backed payment infrastructure with CoDi and SPEI
High fintech activity driving merchant and consumer adoption
Balance between traditional banks and agile startups
Rapid evolution of instant and mobile payments across all segments
Want to know more about payment in Mexico?
Contact Bizz2Pay today to discuss your requirements or get introduced to the right Payment Provider covering the most popular payment methods offered in Mexico
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