The Complete Guide to Navigate Payments in Mexico

Understand payment preferences, regulatory frameworks and FX strategy to succeed in Mexico

Mexico’s digital payment market transaction value is projected to reach USD 114.40 billion in 2025 and is expected to grow at a compound annual growth rate (CAGR) of 10.85% from 2025 to 2030, reaching USD 191.49 billion by 2030.

With 130 million residents, strategic proximity to the United States and sophisticated payment infrastructure spanning cards, digital wallets and emerging real-time rails, Mexico offers both scale and opportunity for international sellers.

What follows are the market insights, payment infrastructure details and compliance frameworks that turn Mexico’s complexity into your competitive advantage.

Mexico Market Snapshot

Mexico combines economic scale with accelerating digital payment adoption. The country’s large population, proximity to major trade partners and improving financial infrastructure create compelling conditions for business expansion.

Here are the key numbers:

• Population: ~130 million
• GDP (current): about US $1.85 trillion
• Quarterly GDP growth: 0.7 % in Q2 2025
• Digital payment transaction value: USD 114.40 billion (2025)
• Projected digital payment CAGR: 10.85% (2025-2030)
• Banking penetration: ~55% of adults with bank accounts
• Mobile wallet adoption: Growing rapidly with SPEI transfers and CoDi QR payments gaining traction
• Card payment dominance: Credit and debit cards account for the majority of digital transactions
• Cross-border payment opportunity: Strategic US proximity drives significant remittance and trade flows

Economic Indicators and Growth Potential

Mexico’s economy added 0.7% quarter-on-quarter in Q2 2025. Full-year forecasts hover near 0.2%, reflecting external pressures and a cooling manufacturing cycle. Even with modest GDP growth, a population of 130 million—most under 35—keeps domestic demand strong.

Internet access already covers four in five residents and should reach 94.35% by 2029, creating ever-larger online audiences for your business.

The real story? Ecommerce growth:

• Annual ecommerce revenue: $9 billion
• Average ecommerce revenue per user: $139.81
• % of ecommerce purchases that are cross-border: 64%
• % of Mexico internet users making online purchases: 32%
• Projected ecommerce growth 5.9% from 2020 to 2024, for a market volume of $12.7 billion by 2024

Online sales hit 790 billion pesos in 2024 after a 20% jump year-over-year. For businesses, this means a market where rising digital spending can offset temporary softness elsewhere.

Regulatory and Compliance Landscape

Mexico’s payment rules are evolving rapidly. The market welcomes innovation but maintains strict consumer protection and financial stability standards. With real-time systems like CoDi and a push for open banking, understanding the regulators is important for businesses looking to break into the market. .

Key Regulatory Bodies and Frameworks

Three agencies oversee payment processing and financial technology:

• The National Banking and Securities Commission (CNBV) grants and monitors licences for electronic-money institutions, acquirers and remittance firms
• Banco de México (Banxico) writes the technical rules for systems like SPEI and CoDi
• CONDUSEF, the consumer protection agency, handles complaints and can order restitution for mistreated customers

The 2018 Fintech Law created modern oversight, requiring every payment provider—local or foreign—to consider licensing, data sharing and transaction reporting. 

The Fintech Law also defines two main licences: IFPEs for e-money and crowdfunding institutions for peer funding. Virtual-asset service providers must register and meet disclosure requirements, responding to rising crypto volumes.

Compliance Requirements

Mexico’s privacy regulations include the Federal Law on Protection of Personal Data Held by Private Parties (LFPDPPP). It shares many core principles with the GDPR, such as data subject rights and transparency. Merchants need a system that allows consumers to consent to various types of cookies and online marketing. 

Banxico expects you to use automated screening, anomaly detection and secure APIs, as outlined in its digital payments guidance.

Consumer Behaviour Trends

Nearly half of Mexico’s consumers still prefer cash, yet mobile commerce drives 78% of online spending. Success in payment strategy means meeting customers on their phones while respecting those who trust cash transactions.

Digital Payment Adoption Trends

Cash covers 44 to 63% of retail transactions in Mexico. A large unbanked population and cultural comfort with physical money maintain this preference. Digital payments are also gaining ground fast, though.

Debit cards lead the charge—88% of online buyers used them for at least one purchase last year.

Consumer Financing Preferences

Buy-now-pay-later and installment payment plans drive Mexican retail. “Meses sin intereses” promotions—three, six or twelve monthly instalments at zero interest—appear everywhere from electronics shops to supermarkets, giving you proven leverage for increasing basket sizes.

Fintech companies have expanded this concept. Buy Now, Pay Later specialists offer instant credit decisions based on alternative data rather than traditional credit scores.

Trust depends on clear refund policies and visible security during checkout.

Payment Rails 

You can’t win Mexican shoppers with a single checkout option. Cash, cards, bank transfers and digital wallets all have loyal audiences. 

Here’s how each option works and what to prepare for when accepting payments in Mexico.

Card Payments

About 51% of Mexican adults have a debit or credit card. but their payment habits differ from card-centric markets in Europe or Asia. In Mexico, credit card installment payments, known as “meses sin intereses, allow customers to split a purchase into multiple interest-free payments over several months. The customer pays with a qualifying card and selects an installment option. The full amount of the purchase is then paid to the merchant, but the customer pays the credit card issuer in installments. 

Shoppers expect offers for three, six or 12 interest-free instalments for everything from electronics to fashion. Adding instalment options to your payment system increases average purchases and keeps you competitive with local retailers.

Authorisation rates can be challenging because many cards only work domestically. International merchants can use  a merchant of record (MOR) solution that processes transactions through a local merchant account.  

SPEI & CoDi (Real-Time Bank Transfers)

SPEI, the Sistema de Pagos Electrónicos Interbancarios run by Banco de México, moves money 24/7. Funds arrive in seconds, fees are minimal and the system handles billions in retail transfers.

CoDi builds on this infrastructure with QR codes and NFC triggers that let shoppers pay from any participating app. User adoption has exceeded 20 million registered accounts in 2024.

SPEI works for high-ticket items, bill payments and B2B transactions.. CoDi brings that same speed to point-of-sale or e-commerce checkouts without scheme fees.

Integration requires generating dynamic QR codes, mapping reference numbers to orders and reconciling incoming payments in real time. Once set up, refunding is as simple as initiating a reverse SPEI transfer to the customer’s CLABE.

SPEI helps reduce chargebacks because transactions are irreversable But that means dispute management shifts to your customer service team. Clear refund policies and proactive communication keep the experience positive and protect your reputation.

Cash & Voucher Payments

Cash remains king for nearly 40% of Mexicans without formal bank accounts. E-commerce solved this challenge through vouchers redeemable at the country’s extensive convenience store network.

OXXO alone operates more than 150,000 pay-in points. Shoppers can also complete purchases at 7-Eleven, Walmart or Farmacias Benavides.

The process is simple: customers select to pay using a cash voucher system at checkout and receive a voucher. They can then take that voucher to a physical location and pay in pesos. 

Include the expected payment deadline—usually 48 hours—during checkout to avoid abandoned orders. 

Digital Wallets

Digital wallets have become mainstream. 

Display wallet options prominently on mobile; 78% of e-commerce volume comes from smartphones.

Currency and FX Essentials

The peso is central to every Mexican transaction, so your profit margin depends on its value. MXN trading volumes rank among the highest for emerging-market currencies, yet exchange rates can shift quickly when U.S. data, Banxico statements or political news breaks.

A strong currency strategy—covering pricing, hedging and settlement—protects margins and lets you quote with confidence before developing more advanced treasury operations.

Mexican Peso Fundamentals

The peso appears as $, MXN or MX$. Over three years, USD/MXN has typically stayed between 18 and 22, though 2025 began with a sharp 12% decline after U.S. rate discussions affected emerging markets.

Key influences include Federal Reserve policy, Mexican elections and Banxico’s benchmark rate. The central bank’s rate remains higher than U.S. yields, attracting carry-trade investments that can strengthen the currency.

Mexico has no formal capital controls but travellers and businesses must declare cross-border transfers over US$10,000. Liquidity is strong during U.S. trading hours but local holidays can widen spreads.

Taxation and Cross-Border Considerations

Mexico’s tax code is complex and strict. Selling into the country or moving goods across its borders means dealing with Value Added Tax (IVA), digital services taxes, customs documentation and monthly filing requirements.

Tax Obligations for Foreign Merchants

If you maintain inventory or staff in Mexico—creating a permanent establishment—you must register for IVA, file monthly by the 17th and collect tax on all sales.

Operating remotely doesn’t exempt you. Since 2020, foreign digital platforms that stream content, connect riders, sell software or run marketplaces must also register, appoint a local tax representative and charge IVA to Mexican customers.

Profit transfers may face withholding tax

Import and Export Regulations

Mexican customs clearance requires more than duty payment. Every shipment needs a pedimento (customs declaration) plus commercial invoices, packing lists and, for many products, NOM conformity labels in Spanish.

Duties vary by tariff code and 16% IVA applies on top unless goods enter under the IMMEX programme which allows manufacturers to temporarily import materials without immediate tax.

USMCA keeps most North American goods duty-free, but rules-of-origin documentation must accompany each shipment. Industries like electronics, pharmaceuticals and food face additional health or safety certifications, so work with a licensed customs broker and allow time for testing or label approval.

For exports, zero-rate IVA can improve cash flow but only if your invoices and export pedimentos match exactly—discrepancies prevent refunds and trigger audits.

Growth Drivers and Opportunities for Global Businesses

Mexico offers more than just a large consumer base. It’s a gateway to Latin America and a production hub feeding North American supply chains. The combination of industrial growth and digital transformation creates a unique opportunity for global firms that can move quickly and navigate the local payment landscape.

High-Growth Verticals and Market Segments

In Mexico, certain verticals demonstrate exceptional expansion driven by demographic shifts, technology adoption and changing consumer preferences:

• Home care sales increased 64% year-on-year, photography equipment 56% and garden products 48%.
• Fashion, electronics and home goods still lead in purchase frequency at 42%, 37% and 34% respectively

Beyond retail, technology and IT stand out: Mexico ranks among the top ten global high-tech exporters and hosts over 700 fintech startups.

Automotive and electromobility remain central to northern states. Vehicle production grew 5.6% in 2024. New battery and EV facilities highlight the shift toward cleaner transportation. Pharmaceutical and medical-device clusters are expanding too with plans for domestic mRNA production and faster regulatory approvals.

Aerospace exports continue rising as major suppliers invest in specialised facilities across Querétaro and Baja California. If you provide components, software or financing to these sectors, growth opportunities abound.

Consumer Trends Shaping Market Entry Strategy

Mexican consumers lead with mobile: 78% of online purchases happen on phones. Social commerce and live-shopping turn casual browsing into immediate purchases, especially among under-30s who trust mobile wallets and BNPL options. 

Yet cash remains important in smaller cities, so offering voucher or convenience-store payments maintains high conversion rates.

Urban shoppers expect next-day delivery and built-in instalment plans. Rural customers prioritise reliable shipping. Across all segments, trust comes from transparent pricing, recognised brands and clear return policies.

By localising checkout flows, pricing in pesos and embracing instalment culture, you meet consumers where they are, and position your business to capitalise on Mexico’s next wave of digital growth.

Best Practices for Accepting Payments in Mexico

Successfully processing payments in Mexico requires adapting to local consumer expectations, regulatory requirements and currency management challenges. Follow these best practices to avoid common mistakes:

• Display instalment options prominently at checkout: Mexican shoppers expect meses sin intereses for purchases above 1,000 pesos. Show monthly amounts alongside totals before payment entry.
• Price everything in Mexican pesos: Consumers abandon checkouts displaying USD or EUR pricing.
• Allow SPEI for high-value and B2B transactions: Bank transfers settle in seconds with minimal fees, perfect for purchases above 10,000 pesos where card costs hurt margins.

Support mobile wallets for urban consumers: Digital wallets dominate in major cities where mobile-first shoppers prefer one-click payments over entering card details repeatedly. Display wallet buttons prominently on mobile checkout screens.