Introduction to Kushki and its Mission
Kushki, a technology payments company, has identified the digitalization of traditional businesses near World Cup 2026 stadiums in Mexico as its primary challenge, according to Fernando López, the company’s general manager in the country.
The Importance of Digitalizing Traditional Businesses
López emphasized that the main objective is to ensure kiosks, taquerias, and neighborhood stores—key components of the tourist experience—are equipped to accept digital payments. Although progress has been made in adopting electronic payment methods, many traditional businesses still lack payment terminals.
Recent Advances in Electronic Payments
Over the past few years, there have been significant advancements in electronic payment methods. Currently, there are over 6.8 million terminal point-of-sale (POS) installations in Mexican businesses. However, a substantial gap remains when compared to other regional economies.
KPMG Study on Payment Methods in Mexico
A 2024 KPMG study for the Electronic Payment Methods Association (Asamep) revealed that cash remains the most widely used payment method in physical transactions in Mexico, accounting for 39% of total transactions. This figure surpasses Colombia’s 36% and contrasts with countries like Chile, Argentina, and Brazil, which show higher digital payment adoption rates.
Mexico’s Digital Payment Penetration
According to López, Mexico lags behind other economies, such as those in Europe and the United States, in terms of POS terminal penetration in physical businesses.
Barriers to Digital Payment Adoption
López highlighted two main obstacles to digital payment adoption: fear of regulatory scrutiny and lack of knowledge among small business owners.
Collaboration Between Industry and Government
To overcome these challenges, López stressed the importance of collaboration between the industry and various government levels.
Key Questions and Answers
- What is Kushki’s primary challenge? Digitalizing traditional businesses near World Cup 2026 stadiums in Mexico.
- Which businesses are key to the tourist experience? Kiosks, taquerias, and neighborhood stores.
- How many POS terminals are installed in Mexican businesses? Over 6.8 million.
- What percentage of physical transactions in Mexico are cash-based? 39%.
- Which countries have higher digital payment adoption rates than Mexico? Chile, Argentina, and Brazil.
- What are the main obstacles to digital payment adoption among small businesses? Fear of regulatory scrutiny and lack of knowledge.
- Why is collaboration between industry and government crucial? To overcome challenges in digital payment adoption.
