Introduction to the Changing Landscape of Mexican Payments
While cash still dominates transactions, accounting for 62% in 2025 compared to 80% in 2020, Mexico’s payment ecosystem is undergoing rapid transformation. The NTT DATA Payments in Mexico 2025 study highlights the growth of electronic payments, which increased over 330% from 2020 to 2024, driven by the pandemic and new non-bank participants.
Key Players Driving Change
Fintechs, Big Techs, Superapps, and Public Digital Infrastructure are reshaping the financial ecosystem by integrating payments and services into daily life. The collaboration between issuers and acquirers generates recurring value, with sustainable profitability arising from user integration through precise segmentation, embedded payments, and loyalty programs in high-value ecosystems.
Impact on the Financial System
This diversification marks a turning point for the financial system. New entrants have fostered greater competition and collaboration, leading to more agile, secure, and user-centric solutions. The environment has allowed for operational workload distribution, improved efficiency, and expanded financial product and service coverage, promoting inclusion and reducing access gaps.
Technological Integration
The Mexican financial ecosystem is advancing towards greater integration with technologies used by sector entities. Enhanced interoperability enables institutions to securely share data and offer personalized services, resulting in more efficient and competitive platforms.
Banking as a Service
The “Banking as a Service” model, where financial institutions offer their infrastructure, services, and licenses to third parties, is gaining momentum. This model is estimated to reach $800 million by 2025 as it integrates financial services into extensive digital ecosystems.
Cash vs. Digital Payments
According to NTT DATA, cash usage in transactions dropped from 80% in 2020 to 62% in 2025, driven by the rise of digital wallets from 5% to 36%. SPEI (Sistema de Pagos Electrónicos Interbancarios) transactions, managed by Banco de México, increased from 15% to 40%, and contactless payments rose from 1% to 30%.
However, cash remains the preferred method for 70% of banked and 88% of unbanked populations, indicating that despite digital solution advancements, there is still significant room for improving financial inclusion and technology adoption in the country.
In this context, the study emphasizes that payment systems must enhance user experience and processing times. The SPEI has shown substantial progress in infrastructure and security, with an estimated 4,500 million transactions processed annually by 2025, equivalent to over 70 billion pesos in value.
Key Questions and Answers
- What is driving the transformation in Mexico’s payment ecosystem? New players, including Fintechs, Big Techs, Superapps, and Public Digital Infrastructure, are reshaping the ecosystem by integrating payments and services into daily life.
- How has the volume of electronic payments grown? The volume of electronic payments increased over 330% from 2020 to 2024, driven by the pandemic and new non-bank participants.
- What is the “Banking as a Service” model? It’s a model where financial institutions offer their infrastructure, services, and licenses to third parties, integrating financial services into extensive digital ecosystems.
- Why is cash still prevalent despite digital advancements? Cash remains the preferred method for 70% of banked and 88% of unbanked populations, indicating a need for further improvement in financial inclusion and technology adoption.
- What advancements has the SPEI shown? The SPEI has demonstrated progress in infrastructure and security, with an estimated 4,500 million transactions processed annually by 2025, equivalent to over 70 billion pesos in value.
