Payment Solutions in Mexico

Territories - Latin America

Transforming Payments for Mexico's Landscape

A key player in Latin America's fintech boom

Mexico’s payment landscape is rapidly evolving, blending traditional methods with a surge in alternative payment options. Cash remains a dominant form of payment, with over 90% of transactions historically being cash-based. However, digital payments are on the rise, fueled by the increasing use of smartphones and financial inclusion efforts. In 2023, 60% of Mexicans had access to the internet, driving the adoption of e-wallets like MercadoPago and CoDi. By 2025, digital payment transactions in Mexico are projected to reach over $100 billion. The shift toward alternative payments is also supported by fintech innovations and the government’s push for greater financial inclusion.

Market Overview

Population

130.87 million
Online Population

107.3 million
Currency

MXN

e-Commerce Market Value

$38.11 billion
GDP

$1.46 trillion
GDP per Capita

$15,249.00

Available Payment Methods

UBank Connect empowers businesses in Mexico by offering seamless payment solutions through bank transfers, credit card processing, and e-wallet integration. With the growing demand for diverse payment options, UBank Connect provides a secure and reliable platform to help businesses expand their reach, streamline transactions, and improve customer satisfaction. Whether you’re accepting traditional bank payments or adopting alternative digital methods, UBank Connect ensures smooth operations with cutting-edge technology and dedicated support. Take your business to the next level with UBank Connect’s comprehensive payment solutions—reach out today to get started.

Why choose UBank Connect?

Direct connection to banks
Dedicated bank account(s)
Local technology and operations team
Flexible and competitive rates
Global reach with a single API access
Support in emerging markets

Key Takeaways

In 2023, around 45% of internet users in Mexico reported making mobile payments, indicating a significant shift towards more convenient and accessible payment methods.
Mexico attracted approximately $1.2 billion in fintech investments in 2023, solidifying its position as a leading destination for fintech funding in Latin America, with a focus on digital banking and payment solutions.
By early 2024, over 35 million Mexicans are expected to use digital wallets, driven by the convenience and security they offer for online transactions and in-store purchases.
The Mexican government is actively promoting cashless payment initiatives, with the goal of increasing the percentage of electronic transactions to 50% of all payments by 2024, emphasizing financial inclusion and transparency.

Get started today!

Discover how UBank Connect can enhance your payment solutions in Mexico. Contact us today to learn more about how we can support your business. Let’s connect and take your payment processes to the next level.

Territories - Latin America

Transforming Payments for Mexico's Landscape

A key player in Latin America's fintech boom

Market Overview

Population

Online Population

Currency

e-Commerce Market Value

GDP

GDP per Capita

Available Payment Methods

Why choose UBank Connect?

Key Takeaways

Get started today!

Stay in the loop, subscribe to our newsletter!