Mexico Cards And Payments Market Overview, Trends and Growth Opportunities Forecast till 2023

“Mexico Cards And Payments Market”
Mexico Cards And Payments Market to grow at highest compound annual growth rate from 2018 to 2023, According to Market Data Forecast, The Mexico Cards And Payments Market Size, Share, Trends, Growth, and Regional Forecast Industry Report

In terms of the volume of cards in circulation, debit cards dominate the Mexican Cards and Payments channel. The growth of debit cards was fueled by consumer perceptions that they provide controls on spending. Debit cards accounted for 68% of the volume of cards in the channel. Debit cards are used by consumers to shop at retail outlets, withdraw cash from ATMs and make online payments. Debit and prepaid cards are widely used by the government for welfare-related spending, while at a corporate level; charge cards are often used to make purchases as these cards have a fixed payment timeline.

The prepaid card category has growth prospects and is expected to grow at a forecast-period CAGR of 8%. General-purpose reloadable prepaid cards are popular and are issued by banks such as Banamex, Walmart, and Azteca. There is also potential to expand prepaid gift and government payroll cards. Closed-loop cards are popular in transportation. Closed-loop prepaid cards are also issued by retailers for in-store purchases.

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Remittance inflows are expected to serve as a key base for expanding card-based payments. Several banks such as Banamex and Banorte offer cards for remittances, while money transfer companies such as MoneyGram have developed schemes that facilitate the direct transfer of remittances from the US to Mexico through debit or credit accounts. Remittance inflows provide an opportunity for prepaid cards, such as MasterCard’s MoneySend computer- and mobile-based service that enables prepaid cardholders to transfer funds from the US to Mexico.

Another prospective driver of the cards and payments industry in Mexico is Finca, the country’s microfinance scheme. Established in 1989, the program bases its business in rural areas. Finca clients are issued a Cheque Inteligente prepaid card by HSBC, through which clients can draw down loan amounts according to their requirements. Cards can be used at automatic teller machines (ATMs) and at the point of sale (POS) terminals and are popular among the rural population as an efficient money management tool.

Key Players Operating in the Mexico Cards and Payments Market:

  • BBVA Bancomer
  • Banco Santander
  • BanCoppel
  • Citibanamex
  • Banorte
  • Nacional Financiera
  • HSBC

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Table of Content:

  1. Definitions
  2. Research Methodology
    1. Research Process
      1. Market Sizing
      2. Competitor Analysis
      3. Market Forecasting
      4. Quality Control Process
  3. Executive Summary
  4. Industry Benchmarking
  5. Market Attractiveness
  6. Industry Enablers
    1. Emerging Payment Technologies
    2. Growing E-commerce Market
      1. E-commerce Mix by Payment Method
    3. EMV Migration
    4. Contactless Cards
  7. Regulatory Framework
  8. Key Industry Events
  9. Merchant Acquiring Business Overview
    1. Business Overview & Key Operators
    2. Regulatory Framework
    3. Technological Changes
  10. Market Segmentation
    1. Cards for Students
    2. Cards for Travelers
    3. Cards for High-income Customers
    4. Cards for Frequent Shoppers
  11. Market Sizing
    1. Debit Cards Market Overview
      1. Scheme Providers
      2. Key Issuers
    2. Pay Later Cards Market Overview
      1. Scheme Providers
      2. Key Issuers
    3. Payment Terminals Market
    4. Payment Instruments Market

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