Card Payments Hit 6.4 Trillion Pesos, Reigniting the Debate Over Fees and Competition in Mexico
The record number of card transactions in 2025 accelerated the regulatory debate over fees and concentration in payment processing.
The use of credit and debit cards in Mexico ended 2025 at historic levels, confirming a structural shift in how people pay for goods and services. According to data from the Bank of Mexico (Banxico), between January and December 11.261 billion card payments were processed, a 14% year-over-year increase. In value terms, the flow reached 6.44 trillion pesos, 11% more than in 2024, in an environment where consumption has held up despite pressures such as still-high interest rates, more expensive credit, and greater household caution.
The breakdown shows that 28% of transactions were made with credit cards and the rest with debit, a sign of how electronic payments have gone mainstream for everyday spending. Behind this progress are broader acceptance of point-of-sale terminals, growth in e-commerce, the digitization of services, and the increasingly widespread use of payroll accounts and financial inclusion products. For banks, processors, and payment networks, the jump in volume matters because it expands operating-related revenue, but it also increases scrutiny of costs, fees, and how competitive the market really is.
With the record as a backdrop, the regulatory debate has focused on so-called interchange fees, a component of the cost merchants face when a customer pays with a card. In recent months, the National Banking and Securities Commission (CNBV) and Banxico opened discussions on adjustments to reduce these fees, with proposed caps of 0.6% for credit and 0.3% for debit. Central bank data have shown levels that can run as high as 1.91% for credit and 1.15% for debit—figures that have fueled the argument that Mexico remains above several international peers on this metric.
This is not a minor debate: in a country where a significant share of commerce operates on thin margins, fees can influence final prices, incentives to accept electronic payments, and formalization. Still, the industry has argued that abrupt cuts could affect business models that fund infrastructure, fraud prevention, rewards programs, and the expansion of acceptance—especially among smaller-scale merchants. In practice, the regulator’s challenge is to balance lower costs for merchants and consumers with sufficient incentives for investment and for new players to enter the market.
In parallel, the most recent competition-related episode came when the National Antitrust Commission (CNA) blocked Visa from acquiring a majority stake in PROSA, warning of risks that could translate into less rivalry in payment processing and advantages tied to privileged access to transactional information. The decision also raised the possibility of weakening lower-cost alternatives—an especially sensitive point in a system where scale and network effects can reinforce dominant positions if there are no counterweights.
Impact on Merchants and Consumers: Costs, Prices, and Adoption
For merchants—from national chains to small businesses—the total cost of accepting cards typically includes several elements: the acquirer’s fee, the interchange fee, and network-related charges, plus costs tied to chargebacks and fraud prevention. When payment volumes grow as fast as they did in 2025, the discussion around fees becomes more visible because it affects daily decisions: whether to accept certain cards, promote bank transfers, offer discounts for alternative methods, or even pass costs along through prices. For consumers, the impact may show up indirectly in prices and directly in access to promotions and financing; for the system overall, the risk is that a high cost structure limits adoption among micro and small merchants—where Mexico still has significant room to reduce cash usage and improve traceability, efficiency, and security.
The macroeconomic backdrop adds more layers to the discussion. With an economy that has shown resilience supported by the labor market and external inflows such as remittances, domestic demand has held up, but consumption faces the challenge of a higher cost of money than during the low-rate period. In this environment, debit cards are gaining ground as a payment instrument, while credit cards remain a short-term financing tool—though more sensitive to changes in rates, fees, and issuer strategies. At the same time, the growth of digital payments increases the importance of cybersecurity and operational continuity, areas that also require investment and coordination among banks, processors, and authorities.
Looking ahead, Mexico’s payments market will remain under pressure to boost competition and reduce friction. The CNA’s decision and the interchange-fee debate suggest regulators will seek to prevent concentrations that limit options while also maintaining a framework that enables innovation. Over the medium term, the focus will be on how costs are allocated across the payments chain, how quickly acceptance expands among small businesses, and whether regulatory adjustments translate into lower costs without slowing investment in infrastructure and risk management.
In sum, the record 6.44 trillion pesos processed via card payments in 2025 confirms the acceleration of electronic payments in Mexico, but it also exposes underlying tensions: fees, competition, and access. The regulatory outcome will be key to determining whether growth translates into a more efficient and open ecosystem, with tangible benefits for merchants and users.
