Cash Remains King: Understanding ATM Withdrawal Methods in Mexico
According to the National Financial Inclusion Survey (ENIF) 2024, 85.2% of Mexicans make purchases of $500 or less using cash, confirming that it remains the dominant payment method in Mexico. Only 73.5% of these purchases exceeding $500 are made with cash, highlighting its continued importance.
The Enduring Relevance of ATMs
ATMs remain a primary means of accessing cash, with at least four distinct methods available today due to advancements in financial technology.
ATM Usage Statistics
As per the Bank of Mexico (Banxico), between January and March 2025, there were 324 million, 440 thousand 232 ATM operations, totaling $805,280 million in withdrawals.
Security Measures Offered by Banks
Some Mexican banks provide insurance covering theft or assault at ATMs, as well as loss or cloning of cards. It’s advisable to check with your financial institution if such benefits are available to you.
Four Modern ATM Withdrawal Methods
1. Traditional Card and NIP Method
The conventional method involves using a physical debit card and NIP (Numerical Identification Password) to withdraw cash from ATMs.
- Insert your debit card into the ATM.
- Enter your NIP when prompted.
- Select ‘Cash Withdrawal’ and input the desired amount.
- Confirm the transaction details and retrieve your cash.
2. Contactless Withdrawals
Contactless technology allows users to withdraw cash without inserting their card, using near-field communication (NFC) for secure transactions.
- Tap your contactless-enabled debit card on the ATM’s NFC reader.
- Enter your PIN or use biometric authentication (if available).
- Select ‘Cash Withdrawal’ and input the desired amount.
- Confirm the transaction details and retrieve your cash.
3. Key-Based ATM Withdrawals
Some banks offer a key generation feature within their mobile banking apps, allowing users to withdraw cash using a unique, time-sensitive code.
- Generate a one-time key in your bank’s mobile app.
- Enter the key when prompted at the ATM.
- Select ‘Cash Withdrawal’ and input the desired amount.
- Confirm the transaction details and retrieve your cash.
4. QR Code-Based Withdrawals
QR code technology enables users to withdraw cash by scanning a unique code displayed on the ATM screen or generated within their bank’s mobile app.
- Open your bank’s mobile app and navigate to the ATM withdrawal section.
- Select ‘Generate QR Code’ and follow the prompts to create a unique code.
- Present the QR code at the ATM or scan it using the machine’s built-in scanner.
- Enter the desired cash amount when prompted.
- Confirm the transaction details and retrieve your cash.
Key Questions and Answers
- What is the National Financial Inclusion Survey (ENIF)? The ENIF is a survey conducted by the Mexican government to assess financial inclusion and understand the payment methods used by the population.
- What percentage of Mexicans use cash for purchases under $500? According to the 2024 ENIF, 85.2% of Mexicans use cash for purchases under $500.
- How many ATM operations were conducted in Mexico between January and March 2025? During this period, there were 324 million, 440 thousand 232 ATM operations in Mexico.
- What security measures do some Mexican banks offer for ATM withdrawals? Some banks provide insurance covering theft, assault, loss, or cloning of cards at ATMs. It’s essential to confirm if your bank offers these benefits.
