Payment methods in Mexico in 2025: trends and consumer habits

Starting a business is never easy, and even less so growing it. Adapting to the particularities of each country, local legislation, consumer habits, and the local currency are just some of the key elements to provide an efficient payment experience.

If you want to start selling in Mexico and want to know the particularities of this country, you are in the right place. In this article, we will analyze the trends in payment methods in Mexico, the most popular payment systems among consumers, and the peculiarities of the local market.

The evolution of payment methods in Mexico

In recent years, Mexico, along with other LATAM countries, has experienced a significant transformation in the way payments are made. Although cash continues to play a fundamental role, digital payment methods have been gaining ground thanks to multiple factors: growth of ecommerce, expansion of fintechs, and adoption of more secure, innovative, and accessible technologies.

This evolution is not only changing customer consumption habits, but also how merchants adapt to offer a better payment experience.

Cash dominates low-value purchases

As we mentioned, despite the growth of digital payments, cash remains the preferred payment method. 85% of users report using it for purchases under 500 Mexican pesos (approximately €25) according to the 2025 National Financial Inclusion Survey (ENIF). This is because a large portion of the Mexican population still does not have access to banking services or prefers to avoid using cards.

Unbanked population

According to the aforementioned ENIF, 76.5% of the population aged 18 to 70 had at least one financial product (savings account, credit, insurance, or retirement fund) in 2024. This means that around 23.5% of adult Mexicans are still unbanked.

Groups with the lowest financial inclusion include those who speak an indigenous language and those living in towns with fewer than 15,000 inhabitants.

Growth of wallets

Digital wallets such as Mercado Pago, PayPal, Apple Pay, and Google Pay are gaining prominence in Mexico. According to a study by the Inter-American Development Bank (IDB), digital wallet adoption was around 11% of consumers in 2024 and is expected to continue increasing in the coming years.

Preference for contactless payments

Contactless payments are increasing in Mexico, especially in urban areas and cities with high business density. The use of contactless cards and payments via smartphones and smartwatches has grown in popularity due to speed and security.

Recent studies show that over 20% of card payments in major Mexican cities are contactless, and this figure continues to rise, driven by financial education, trust in technology, and commerce digitalization.

Ecommerce expansion

Mexico is the second-largest ecommerce market in LATAM, after Brazil. According to data from the Mexican Online Sales Association (AMVO) and Statista, ecommerce sales volume in Mexico reached approximately $31.7 billion in 2024, with an annual growth of 18%, mainly driven by the digitalization of small and medium businesses and widespread adoption of electronic payments.

The versatility of cards

Credit and debit cards continue to be one of the most used payment methods in Mexico, both in physical stores and online, thanks to their widespread acceptance and versatility:

• Mexico has accelerated contactless technology adoption, not only in stores but also in parking lots and public transport, among other services.
• Bank cards can be linked to wallets like Apple Pay or Google Pay, allowing customers to pay with their mobile phones.
• In ecommerce, cards remain one of the most important payment methods. They account for a high percentage of digital transactions due to their security, speed, and acceptance by most online merchants.

What are the most popular payment methods in Mexico?

Although cards still dominate globally, the low level of financial inclusion among citizens changes the payment landscape:

• Cash

Physical money remains predominant, especially for purchases under 500 pesos or in rural areas. In 2024, 93% of consumers used cash in these transactions, according to the latest Banxico report. However, this figure represents a decline from previous years, reflecting the gradual adoption of digital payments.

• Credit and debit cards

Card payments remain a common method in both physical and online stores. The number of credit cards issued increased from nearly 23 million in 2023 to almost 25 million in 2024, an 8.7% annual increase, according to another Banxico report.

• Wallets and super-apps

Digital wallets such as Mercado Pago (one of the most popular payment methods in Latin America), PayPal, and banking apps continue to gain ground. These payment methods have become standard tools for digital shoppers, and their adoption is expected to continue rising in 2025, driven by convenience, security, and integration with ecommerce.

• SPEI

The Interbank Electronic Payment System has experienced significant growth. According to the 2024 ENIF, 23.7% of people used these transfers, a 15.5% increase compared to 2021, highlighting the preference for fast and secure account-to-account transfers.

Local payment methods in Mexico

Mexican payment solutions

Although some international methods are present in Mexico (PayPal, Google Pay, or Apple Pay), the country has developed local payment systems that are consolidating, especially in the digital environment.

Payments with SPEI – Interbank Electronic Payment System

What is SPEI?

It is a system operated by the Bank of Mexico that allows instant transfers between bank accounts in real time, 24/7. This system is a key component of the national financial infrastructure.

How does SPEI work?

The user accesses their mobile banking and selects SPEI as the payment method. To confirm the operation, only the account number or CLABE (Standardized Bank Code), an 18-digit number that uniquely identifies a bank account in Mexico, is needed.

What is SPEI used for?

• P2P transfers: sending and receiving money instantly between individuals.
• Bill payments: paying electricity, water, phone bills, taxes, or tuition.
• Online purchases: paying in ecommerce directly from the bank account.
• B2B payments: transfers between businesses or suppliers.

Payments with CoDi

What is CoDi?

It is a system developed by the Bank of Mexico that allows instant payments via QR codes or links, from banking apps, without the need for cash or cards. It is designed to facilitate payments between individuals and merchants.

How does CoDi work?

The user opens their bank app, selects CoDi as the payment method, and scans a QR code provided by the merchant or receives a payment link. The transaction is confirmed instantly, transferring the money securely and directly to the recipient’s account. Payments do not incur costs for the sender and operate directly on SPEI, allowing fast account-to-account transactions (A2A).

What is CoDi used for?

• P2P transfers: sending or receiving money instantly between people.
• In-store purchases: paying in shops or restaurants using QR or NFC.
• Online payments: paying for ecommerce purchases directly from mobile banking.
• Supplier or B2B payments: fast transfers between businesses.
  

Payments with DiMo

What is DiMo?

DiMo is a Mexican mobile payment platform that allows instant transactions from the phone without a traditional bank account. It is designed to promote financial inclusion and simplify everyday payments between individuals.

How does DiMo work?

The user downloads the DiMo app, registers their phone number, and links a bank account or prepaid card. To make a payment, the app converts the recipient’s phone number into the associated CLABE, allowing instant transfers directly from the banking app. The user simply selects the recipient and the amount; the transfer is processed instantly.

What is DiMo used for?

• P2P transfers: sending and receiving money instantly between individuals.
• In-store payments: paying in physical and digital stores without a physical card.
• Top-ups and services: paying for services such as phone, electricity, or water.
• Supplier payments: fast payments for businesses and microenterprises.
  

Payments with OXXO Pay

What is OXXO Pay?

OXXO Pay is a payment system that allows users to purchase online and pay in OXXO physical stores, without the need for a card or bank account. It is especially popular among those who prefer cash or are unbanked.

How does OXXO Pay work?

At checkout in an ecommerce that offers OXXO Pay, the user generates a payment voucher. They then go to one of the more than 23,000 OXXO stores and pay in cash. The transaction is confirmed almost immediately, integrating cash into the digital world and allowing the merchant to receive payment notification without delay. This “connected cash” functionality is key to increasing the reach of the payment method and boosting ecommerce conversion rates.

What is OXXO Pay used for?

• Online purchases: paying for products or services in ecommerce without a card or bank.
• Supplier or service payments: businesses can receive cash payments from digital customers.
• Unbanked users: allows participation in digital commerce for those without a bank account.

Advantages of integrating local payment methods into your business

If you want to start selling in Mexico, incorporating the payment methods most used by Mexican consumers will help increase trust, improve the shopping experience, and boost your sales, among other advantages:

Builds more consumer trust

Mexican users trust familiar methods such as SPEI, CoDi, DiMo, and OXXO Pay, generating a sense of security and reliability when buying online.

Ensures regulatory compliance and maximum security

Local systems comply with regulations from the Bank of Mexico and CNBV (National Banking and Securities Commission), ensuring secure and legally compliant operations.

Improves your ecommerce conversion rate

Offering popular and fast payment methods simplifies the checkout process and builds trust at the critical moment of payment, increasing the likelihood of completing purchases on your online payment platform.

Access to a wider audience

Combining digital and traditional solutions allows reaching both digitized consumers and those who still prefer cash or are unbanked.

Local payments in Mexico: the best solutions for companies and merchants

Optimize your in-person and online payments with PaynoPain’s virtual POS

The payment ecosystem in Mexico is constantly transforming: while cash remains relevant for low-value purchases, instant transfers via SPEI, payments with CoDi, DiMo, or OXXO Pay, and wallets like Mercado Pago and PayPal are steadily growing, offering speed, security, and convenience in a country that is still largely unbanked.

If your business wants to grow in the Mexican market, adapting to local payment habits is not optional, it is strategic. Integrating local payment methods with PaynoPain and using our Virtual POS will allow you to increase conversion rates, reach more customers, and provide a seamless shopping experience.