Introduction
In Mexico, the combination of cash and digital tools for making payments is becoming increasingly common. Although financial digitization is advancing rapidly, cash remains culturally and practically significant, making it hard to displace. This is evident as Mexico maintains the highest rate of cash usage in retail establishments across Latin America, according to Worldpay’s “Global Payments Report 2025.”
Digital Payment Growth
According to the study, Mexico’s payment ecosystem has changed substantially over the past decade. Digital wallet usage, for example, has quadrupled: it accounted for 6% of the transaction value in e-commerce in 2014, but now represents 28% in 2024 and is projected to reach 37% by 2030.
“Although we saw a surge in certain cash usage indicators post-pandemic, the long-term trend remains clear: cash use at point-of-sale continues to decline significantly,” said Santiago Fernández Núñez, Worldpay’s Mexico business director.
Cash Dominance in Daily Life
Despite the growth of digital payments, cash remains predominant in daily life. The Banco de México’s “Quantitative and Qualitative Study on Cash 2024” reports that 91% of the population uses it for daily expenses. Meanwhile, the National Financial Inclusion Survey states that 85.2% of Mexicans use it for purchases up to 500 pesos, and although the percentage drops to 73.5% for higher-value transactions, it remains an essential payment method.
Worldpay’s study highlights the duality between cash and digital methods. Cash lost ground, falling from 76% of the value collected at points of sale where other payment options existed in 2014 to 35% in 2024. However, it remains the highest among Latin American countries like Argentina, Brazil, Chile, Colombia, and Peru included in the study. Projections suggest its participation could drop to 31% by 2030.
Moreover, the line between digital and traditional becomes increasingly blurred. According to the report, 12% of digital wallets in Mexico are funded by cash. Additionally, online payment services allowing purchases in stores like Oxxo (7-Eleven) accounted for 7% of e-commerce in 2024.
Potential of New Players
In this context, credit cards play a crucial role in transitioning to a less cash-dependent environment. Credit cards, directly linked to financial inclusion, led e-commerce in 2024 with 34% of the transaction value, surpassing debit cards at 22%. Debit cards, however, play a significant role in physical commerce, accounting for 25% of spending.
“Increased competition in the financial sector has also opened doors. People who previously lacked access to debit or credit cards now have them, making it easier for some cash spending to migrate towards digital payments,” added Fernández.
Despite cash persistence, Fernández noted that digital payment methods’ potential make Mexico a strategic market within the regional financial ecosystem.
Key Questions and Answers
- What is the current trend in Mexico regarding payment methods? Mexicans are increasingly blending cash and digital tools for payments.
- How has digital payment usage evolved in Mexico? Digital wallet usage has quadrupled, representing 28% of e-commerce transaction value in 2024 and projected to reach 37% by 2030.
- What is the significance of cash in Mexico’s daily life? Cash remains predominant, with 91% of the population using it for daily expenses and 85.2% for purchases up to 500 pesos.
- What role do credit and debit cards play in Mexico’s transition away from cash? Credit cards led e-commerce in 2024 with 34% of transaction value, while debit cards accounted for 22%. Both are significant in physical commerce.
- Why is Mexico a strategic market for digital payment methods? The trend towards reduced cash usage, increased financial sector competition, and growing digital inclusion make Mexico a prime market for fintech and alternative payment methods.
