Smartphones are driving the democratization of the internet in Mexico
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43%* of the e-commerce transactions in Mexico were made through a mobile device in 2019.
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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.
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Internet retailing sees the fastest growth representing 63%* of the online market in Mexico.
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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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Due to confinement and distancing measures during the COVID-19 pandemic, Mexican e-commerce grew 81%* in 2020 compared to 2019.
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Mexico: Market & Payments
Get the best data and insights about this new addressable market, and discover the opportunities for enterprise companies.
Operate with a local partner that understands the Mexican market
EBANX solution fits any kind of operational model or combination in the Mexican market giving flexibility to your business to take full advantage of local payment processing, both with the international or domestic settlement, with or without local entities in the country. It also allows both international and domestic payout for your Mexican suppliers and partners. Choose and combine the solutions that best fit your company.
Operational models available with EBANX:
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Payment processing with international funds settlement
Sell to Mexicans in their local currency with local payment methods and receive your funds in USD anywhere in the world. All that without the need to set up local legal entities in the country.
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Payment processing with domestic funds settlement
Mexican companies or international brands with a local office and entities can sell in this country and receive their funds domestically.
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Payout
An uncomplicated, secure, and fast way for Mexican companies to settle in local or international transfers to your Mexican partners. EBANX Payout supports you surrounding regulation, compliance, taxes, and local connections to make this payment process smooth for you and your Mexican suppliers.
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Local Payment Methods in Mexico
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 volume by payment methods share
Available with local payment processing.
Available with international payment processing.
Source: AMI datapack, 2020.
Payment methods and payment processing
Payment Methods
Payment processing with
international settlement
Payment processing with
domestic settlement
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.
domestic settlement Discover more about OXXOOXXO Pay
The most known payment method in Mexico now with real-time confirmation.
domestic settlement international settlementDiscover more about OXXOLocal Credit and Debit Cards
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.
domestic settlement international settlement Discover more about Mexican cardsCredit Card Installments
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.
domestic settlement international settlement Discover more about InstallmentsSPEI
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.
domestic settlement international settlement Discover more about SPEIDigital Wallets
The popularity of digital wallets is increasing in México, 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.
domestic settlement
Get the broadest reach with local payment methods
Recurring Payments
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.
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Increase your customer base.
Reduce churn with automatic recurring billing.
Boost payment acceptance in a safe way.
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.
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Pay your partners in compliance with local rules backed by the EBANX security systems and protocols.
Seamless experience for the merchant to send the money and for the payee to receive it.
Lock in the best exchange rate to send the money to the payee, at the time the payout is being created.
Merchants can send the payment regardless of which bank payees use.
Learn more about the Mexican market
Ready to grow your business in Mexico?
