Market Data Forecast’s "Mexico Cards And Payments Market" report offers a distinct range of possibilities in the market of payment cards along with the accurately validated statistics of operational cards in the market and their total transactional values. It suggests profitable marketing strategies considering the competitive landscape in the market, purchase trends, payment options in online trade and significant government frameworks impacting the overall payment card market of Mexico.
Our report kindles the hidden opportunities with dependable information about different types of cash transactions, volumes of cardholders, market proportion, current accounts, increase within the number of cards, credit cards outstanding balances, transactional values, details of the issuers at the side of available banking schemes and futuristic analysis of overall cards and payment marketplace in Mexico.
Mexico Cards and Payments Market – Recent Developments
Payment cards are accepted by only 14% of the merchants in Mexico, constraining the market growth. Various banking and financial institutions are implementing new strategies to increase this percentage. Mastercard started Cashless Makeover Mexico program in January 2018 to encourage the acceptance of payment cards and its Masterpass by small and medium enterprises. A deal was made earlier in May 2017 between Mastercard and the government of Mexico to encourage the card transactions, under the supervision of Ministry of Economic Development (SEDECO).
The use of prepaid cards for transportation is expected by the Mexican government to support digital payments. Prepaid Metro cards were introduced by Mastercard on November 2017, integrating with the Metro Collective Transportation System. This card includes both the Mastercard balance and Metro balance, which can be used for retail purchases and buying metro tickets respectively. Similarly, for bus transport, the closed-loop prepaid card called Cytibus was launched in January 2018. This card at the time of its inception was accepted in only 150 buses with loading facility at 30 OXXO stores, which is now increased to almost 500 buses and 220 OXXO stores.
In March 2018, a Fintech law was introduced in the country to control the growing financial technology companies in the region. This law offers basic fintech companies’ requirements, along with accurate regulations governing the issues like payment options, cryptocurrencies and public funding. It also allows open banking, a concept that enabled the financial institutions to share consumer information via a public API
Mexico Cards and Payments Market – Key Highlights:
The growth of electronic payments across the country and reduce the dependence on cash as a result of being part of UN’s Better Than Cash Alliance, which uses the mobile phones for digital payments.
The growing adoption of alternative payments led to the introduction of new products by banking firms like Banamex Wallet, launched by Banamex in collaboration with MasterCard allowing Android users to add their MasterCard details to the wallet and pay for transactions, and Bancomer's mobile wallet BBVA Wallet allowing NFC payments at merchant locations that accept contactless payments.
Secured payment solutions are being given more significance to avoid fraudulent transactions. For instance, Identity Check Mobile solution by MasterCard requires scanning the fingerprint or a selfie of the user to authenticate the transaction and OT Motion Code technology, developed by Mexican payment processing services provider Promocion y Operacin SA (PROSA) along with Oberthur Technologies involves changing CVV code at regular intervals.
Key players operating in the country
Key Questions Answered by the report
Mexico Cards and Payments Market