Payments in Mexico 2017: What Consumers Want
- October 2017
- Financial Services
- 46 pages
"Payments in Mexico 2017: What Consumers Want", report examines the consumer payments market in Mexico, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
Cash remains the preferred form of consumer payments, especially among the rural population, primarily due to limited knowledge of payment cards or limited access to banking infrastructure. Cash is primarily used for making small-value payments at retailers, and for the payment of utility bills, taxes, and transport fares. A significant proportion of the population is engaged in informal activities, including farmers, street vendors, domestic servants, and self-employed workers. The payment card market is growing strongly but not explosively, and current trends make it unlikely that there will be a major shift in the near future. Various charges on cards and bank accounts also reduce the appeal of payment cards for most Mexican consumers. Contactless cards and mobile proximity payments are not widely used in Mexico, although the major banks have made some attempts to boost adoption of these technologies.
The report includes -
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Mexico are deploying these tools to meet customer needs.
- Explores the online payment market in Mexico by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Debit cards have grown in prominence in Mexico, on account of the introduction of electronic payroll services, an increase in the banked population, and proactive measures such as distributing social welfare funds through cards.
- Mastercard launched its Identity Check Mobile solution in Mexico in November 2016, which allows card holders to verify online payments by scanning their fingerprint or taking a selfie.
- Growth in the Mexican prepaid card market has been driven by payroll and welfare cards issued by the government for social welfare fund disbursement, meal cards issued by employers, and remittance cards.
Reasons to buy
- Understand the key facts and figures in the consumer payments market in Mexico.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Mexican market and use this knowledge to inform product design.
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