Mexico
- Summary:
Ranking in the top 5 countries for overall retail ecommerce growth, Mexico continues to show promise for international expansion. However, while 80% of the country's online shoppers are estimated to have made cross-border purchases, a lack of financial inclusion and low internet penetration create barriers for brands looking to reach the region's many buyers. To effectively engage this market, brands need to offer flexible and familiar payment methods used in the region, such as installment payments or offline cash payment options like OXXO - and understand that approximately 98% of the country's online purchases are made via smartphone.
- Preferred Languages:
- Spanish
- Currency:
- Mexican Peso - MXN
Country Facts
Population
Economy
Shopper Profiles
Rural vs Urban Living
The percentage of the population living in rural versus urban areas.
Demographic by Sex
Measure of how the population is split between female and male persons.
Internet Access
The percentage of the population that has access to the internet.
Buys Online
The percentage of the population that has made an online purchase since 2021.
Consumer Values & Behaviour
Where Consumers Place Value
Cross-border shoppers in Mexico value these types of perks and service attributes.
Key Consumer Goods
These are the most popular products that consumers in Mexico purchase cross-border.
Preferred Payment Methods
Shoppers in every country have preferred payment methods which, when offered, make them much more likely to complete a transaction successfully. Our research shows that shoppers in Mexico prefer the following methods: Bank Transfers, Mobile Wallet, Debit Card, Credit Card, and Cash.
Bank Transfer
Wire transfer, bank transfer, or credit transfer is a method of electronic funds transfer from one bank account to another bank account or through a transfer of cash at a cash office.
Online Banking
Skrill
Skrill is a digital wallet available to customers in 200 countries. It operates by customers adding money to their digital wallets through bank transfers and credit cards.
Digital Wallet
Banamex
Banamex is an online banking system in Mexico that offers payment through direct authorization with a customers' bank account. Customers can also visit the bank and pay with cash.
Online Banking
SPEI
SPEI is a system developed and operated by Banco de Mexico that allows the general public, in a matter of seconds, to make electronic payments (also called electronic transfers) via a bank, the internet, or mobile banking. This system allows money to be transferred electronically between bank deposit accounts almost instantly.
Online Banking, Mobile Payments, Realtime Payments
OXXO
OXXO is a chain of convenience stores that offer alternative cash payments in Mexico. After choosing the OXXO payment method at an online marketplace, shoppers are able to pay at their local OXXO store. OXXO commands significant market share in Mexico with over a third of online payments performed on the network.
Cash
Visa
Visa is the leading card network worldwide, boasting the largest transaction volume of any card scheme.
Credit Card
Mastercard
Mastercard is one of the leading credit card networks in the world.
Credit Card
American Express
American Express, also known as AMEX, is a top card network and offered in more than 130 countries.
Credit Card
PayPal
PayPal is a leading digital wallet and is available worldwide. It boasts multiple payment options within the platform and strong security.
Digital Wallet
JCB
JCB is a major credit card issuer and acquirer founded in Japan that is now available in 24 countries and accepted globally.
Credit Card
Apple Pay
Apple Pay is a payment method that utilizes the built-in biometric verification measures of enabled Apple devices to allow users to checkout with the click of one button. It allows users to save multiple payment methods including bank-issued debit and credit cards.
Digital WalletReady to expand? Reach can help.
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Our experienced legal, financial, compliance and local-market experts provide in-depth global analytics for your business, as well as duty and tax calculations so that you can expand your business to new markets with certainty and ease.
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