Several mobile wallets in Mexico - including Mercado Pago - are believed to see more than triple their number of users between 2020 and 2025. Mercado Pago is the payment method of Latin American e-commerce giant Mercado Libre, which was the country's most popular online shopping website in 2020. Mobile payment adoption in Mexico, however, is not as certain as one might expect. Cash use, for instance, is said to be relatively high. More importantly is that the Mexican central bank already rolled out its own real-time mobile payments platform in 2019. This platform, Cobro Digital or CoDi, uses both QR codes and contactless NFC technology, but was believed to be rarely used for daily transactions in 2021. Indeed, the Mexican population was less likely than that of Brazil or Argentina to use mobile payments in the future.
Number of users of selected mobile wallets in Mexico in 2020, with forecasts from 2021 to 2025
(in millions)
The source does not provide any information regarding consumers using more than one app at the same time. It may, therefore, be that the total users of all apps combined is higher than the country's population
Supplementary notes
The source explicitly states that "we look (...) only for open wallets, ie those that have the ability to make payments on multiple sites, rather than in reference to an ability to transfer funds between different wallets. Thus we do not focus on transactions conducted via cards stored by a retailer purely for use on that retailer’s website or mobile app."
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Statista estimates. (October 21, 2021). Number of users of selected mobile wallets in Mexico in 2020, with forecasts from 2021 to 2025 (in millions) [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1271343/mobile-wallet-user-forecast-in-mexico/
Statista estimates. "Number of users of selected mobile wallets in Mexico in 2020, with forecasts from 2021 to 2025 (in millions)." Chart. October 21, 2021. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1271343/mobile-wallet-user-forecast-in-mexico/
Statista estimates. (2021). Number of users of selected mobile wallets in Mexico in 2020, with forecasts from 2021 to 2025 (in millions). Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1271343/mobile-wallet-user-forecast-in-mexico/
Statista estimates. "Number of Users of Selected Mobile Wallets in Mexico in 2020, with Forecasts from 2021 to 2025 (in Millions)." Statista, Statista Inc., 21 Oct 2021, https://www.statista.com/statistics/1271343/mobile-wallet-user-forecast-in-mexico/
Statista estimates, Number of users of selected mobile wallets in Mexico in 2020, with forecasts from 2021 to 2025 (in millions) Statista, https://www.statista.com/statistics/1271343/mobile-wallet-user-forecast-in-mexico/ (last visited December 21, 2024)
Number of users of selected mobile wallets in Mexico in 2020, with forecasts from 2021 to 2025 (in millions) [Graph], Statista estimates, October 21, 2021. [Online]. Available: https://www.statista.com/statistics/1271343/mobile-wallet-user-forecast-in-mexico/
