Visitors Expect Fast, Secure, Frictionless Payment Experiences
As Mexico prepares to host the 2026 FIFA World Cup alongside the United States and Canada, the country faces a challenge in modernizing its payment infrastructure to meet the demands of evolving consumers. According to a report by financial technology firm Adyen, visitors can expect quick, secure, and frictionless payment experiences. However, Mexico remains a cash-dominated economy, with 66% consumer preference for cash, while only 30% have adopted digital wallets.
Cash Dominance Amidst Growing Modern Payment Methods
Despite the rise in modern payment methods, such as the over 6.8 million Terminals de Punto de Venta (TPV), cash usage remains predominant. The Mexican National Institute of Statistics and Geography (Inegi) reports that 84.5% of microbusinesses and 74% of small economic units still conduct most sales in cash.
This contrasts with trends in markets like the US, Canada, UK, Germany, and Japan, where consumers are accustomed to paying with Apple Pay, Google Pay, smartwatches, QR codes, and even social media.
Investment in Payment Processes on the Rise
Adyen’s report indicates that 37% of Mexican businesses plan to invest in improving their payment processes over the next 12 months. However, the report emphasizes that Mexico must accelerate its efforts to capitalize on this significant opportunity.
Fabricio Moreno, General Manager of Adyen Mexico: “This event could mark a before and after for national commerce. It’s not just about accepting payments, but facilitating global shopping experiences: integrating multiple methods, enabling omnichannel, anticipating demand peaks, and responding to internationally-minded consumers.”
Lessons from Paris 2024 Olympics
The Adyen report highlights the case of the 2024 Paris Olympics, where foreign visitors generated 35% of total sales volume, with US tourists leading spending at 22%, surpassing combined consumption from Germany, the UK, and Spain.
Visitors from China spent up to nine times more in sectors like luxury, indicating that users from these countries are more adapted to payment systems such as digital wallets or contactless payments.
Security Concerns
A report by payment platform Kushki warns that large-scale events like the World Cup often see a significant rise in fraud attempts. In response, Kushki recommends businesses adopt robust protection technologies like tokenization, replacing sensitive card data with unique, encrypted identifiers. They also suggest implementing 3D Secure authentication, adding an extra verification layer during online transactions.
Although World Cup matches will only be played in three Mexican cities, Kushki stresses that visitors are expected to explore other regions. Thus, modernization efforts should extend nationwide to ensure a uniform, secure, and efficient payment experience.
Key Questions and Answers
- What challenges does Mexico face regarding payment infrastructure? Mexico must modernize its payment systems to meet evolving consumer demands, particularly as it prepares to host the 2026 World Cup.
- Why is cash still predominant in Mexico despite growing modern payment methods? Despite the rise of modern payment methods, cash remains the preferred choice for 66% of Mexican consumers.
- What security measures are recommended for large-scale events like the World Cup? Businesses are advised to adopt robust protection technologies such as tokenization and 3D Secure authentication.
