Cash remained Mexico's most used payment method in POS since COVID-19, although its market share had decreased severely. Indeed, coins and paper money made up roughly seven out of 10 transactions in physical stores in Mexico in 2019, with this figure decline to about four out of 10 in 2021. This decline occurred as consumers shifted more towards card payments - and digital payments in general. This shift is exemplified by the growing number of transactions of the CoDi platform in Mexico - platform from Mexico's central bank to promote the use of mobile payments in the country. Mexico ranked relatively low when it comes to the adoption of in-store contactless payments in 2021, also compared to other countries in the Americas.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Mexico from 2017 to 2023, with a forecast for 2027
* The source made changes to its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL". This seems to have been reverted for "POS financing" in the 2023 report - which covered the figures for 2022.
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Mexico from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved December 30, 2024, from https://www.statista.com/statistics/1296716/preferred-payment-methods-mexico/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in Mexico from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed December 30, 2024. https://www.statista.com/statistics/1296716/preferred-payment-methods-mexico/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Mexico from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: December 30, 2024. https://www.statista.com/statistics/1296716/preferred-payment-methods-mexico/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in Mexico from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1296716/preferred-payment-methods-mexico/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in Mexico from 2017 to 2023, with a forecast for 2027 Statista, https://www.statista.com/statistics/1296716/preferred-payment-methods-mexico/ (last visited December 30, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Mexico from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1296716/preferred-payment-methods-mexico/
