Payment Aggregators Gain Ground in Mexico Driven by Financial Digitalization

The Mexican economy is experiencing significant progress in the adoption of payment aggregators—key devices that process electronic transactions among small businesses and retailers. This growth comes within the context of accelerated digitalization, fueled by an increase in the issuance of credit and debit cards as well as the widespread availability of accessible fintech solutions for broad sectors of the population.

Recent data from the Bank of Mexico (Banxico) points to a noticeable uptick in card transactions processed through these aggregators. Between January and April 2024, there were 130.363 million transactions with credit and debit cards, representing a 23% increase compared to the same period in 2023 and a remarkable 47% rise compared to two years ago. This progress highlights the role technology is playing in reshaping payment habits among both consumers and small business owners.

According to experts in the financial sector, greater penetration of fintech has made it easier to open bank accounts and advance financial inclusion, especially among micro-entrepreneurs and semi-formal businesses. Technological innovations now allow accounts to be opened within minutes, and entrepreneurs can receive deposits almost instantly, leaving behind old banking practices that often took days. This dynamism is encouraging more small businesses to adopt electronic payment methods, gradually pushing out the use of cash.

Companies dedicated to enabling financial services—such as Puntored—are also directing efforts toward financial education and the banking of small businesses. Their loyalty programs and the expansion of services, including bill payments and remittances, aim to motivate corner store owners and stationery shopkeepers to embrace the digital environment and diversify what they offer.

Nevertheless, the expansion of digitalization faces the challenge of a society that still prioritizes cash. According to Banxico, 95% of the population continues to use cash in their transactions, citing convenience and speed as the most common reasons. Despite the benefits of digitalization, cash is perceived as safer and—in many cases—remains the only available method of payment for a significant portion of Mexicans.

The outlook for 2025 is promising, bolstered by expectations for the World Cup, which will attract international tourists who are already familiar with digital forms of payment. This scenario presents an opportunity for Mexico’s financial sector to accelerate banking access, financial education, and adoption of electronic payments, catering to the needs of both domestic consumers and foreign visitors.

In summary, the digitalization of payment services in Mexico is making steady progress, though cash still dominates daily life. The rise of fintech and the adaptation by small businesses are gradually narrowing the gap toward a less cash-dependent economy. Coordinated efforts from both the public and private sectors will be essential to solidify this trend over the medium term.