Mexico, one of the biggest open economy markets in the world
Mexico has the second-largest online population in Latin America. Boosted by increased internet penetration, the Mexican online market shows impressive growth rates.
Companies succeeding in Mexico
Smartphones are driving the democratization of the internet in Mexico
43%* of the e-commerce transactions in Mexico were made through a mobile device in 2019.
Mexico is a cash-based society and financial inclusion is still a challenge in the country as 65%* of adults don’t have a bank account.
International companies such as Amazon, Mercado Libre, and Walmart have some of the highest growth rates in Mexico.
Internet retailing sees the fastest growth representing 63%* of the online market in Mexico.
67%* of Mexican online shoppers have made purchases from international e-commerce stores. Mexican consumers buy from these stores due to better prices and the lack of availability of some products in Mexico.
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Mexico: Market & Payments
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Operate with a local partner that understands the Mexican market
Payment Methods
Like many Latin American countries, Mexico has a very specific financial system that directly influences how people pay for their purchases. Mexican consumers are used to paying with cash, and even those who have a card usually feel more comfortable paying with cash, simply out of habit.
E-commerce transactions by payment methods in 2019
Available with local payment processing.
Available with international payment processing.
Source: AMI datapack, 2020.
OXXO
OXXO is one of the most famous voucher payments in Mexico. People are used to going to convenience stores to pay bills, and also their vouchers for e-commerce purchases. Start to accept OXXO as a payment method and reach more consumers.
Access to financial services is still growing, and credit card penetration is on the rise in Mexico. Local acquiring can offer better approval rates in Mexico, and you can accept local debit cards.
With installments, consumers can split up purchases in 3, 6, 9, and 12 monthly payments depending on the price of the purchase. Offer installments to your Mexican customers and increase average ticket sizes.
Whenever a Mexican wants to make an interbank transfer, they need to use SPEI. The Mexican system for online banking transactions. Allow your customers to pay for their purchases with online bank transfers through SPEI.
Brazil has several ways to pay online beyond credit cards. Bank Transfer and Online Debit are two effectivity payment options. Allow consumers to use their usual bank account to make an immediate payment without the risk of chargeback for you.
The popularity of digital wallets is increasing in Brazil, mostly due to the benefits offered by them, such as convenience, security, and simplicity to pay. Be ahead of the market and start to offer digital wallets on your e-commerce store.
Accept recurring payments in local currency in Mexico. Through tokenization, your website or application can perform recurring payments - without the need for consumers to input their card information every billing cycle. This means less abandoned carts or canceled subscriptions.
Localized customer experience with payment transparency.
Payout
Pay your Mexican suppliers simply and securely, in the way they want to be paid. EBANX Payout offers all the support surrounding regulation, compliance, taxes, and local connections to make this payment process smooth for you and to your Mexican partners.
Payment of taxes and labor costs are not included in the payout solution.
