Payment methods in Mexico

North America

10methods

21banks

Mexico is Latin America's second-largest e-commerce market, worth $72 billion and growing, with over 120 million internet users. OXXO Pay is the defining feature of Mexico's payment landscape - with over 22,000 store locations nationwide, it bridges online commerce and cash for the 42% of Mexicans who remain unbanked. Any merchant entering Mexico without OXXO support is unreachable to a large segment of shoppers from the moment they reach checkout.

Market takeaways

Mexico is Latin America's second-largest e-commerce market, worth $72 billion and growing, with over 120 million internet users. OXXO Pay is the defining feature of Mexico's payment landscape - with over 22,000 store locations nationwide, it bridges online commerce and cash for the 42% of Mexicans who remain unbanked. Any merchant entering Mexico without OXXO support is unreachable to a large segment of shoppers from the moment they reach checkout.
Cards account for 56% of online transactions, but a significant share are locally issued Visa, Mastercard, and Carnet - where decline rates are higher without a local acquirer. Getting both right is the foundation of a Mexico payments strategy.
OXXO Pay is Mexico's most important cash-based payment method for e-commerce. Operated by the OXXO convenience store chain - with over 22,000 locations across the country - it lets consumers generate a voucher code at checkout and pay in cash at any OXXO store. Nearly 20% of all online payments in Mexico are made via OXXO Pay, making it as strategically important as any card network.
For merchants, OXXO means access to Mexico's unbanked and underbanked population - shoppers who want to buy online but pay offline. Without it, these consumers simply cannot complete a purchase. PPRO also supports OXXO Batch for high-volume or scheduled payment flows.

Population

133.0M

Online population

121.0M

B2C e-commerce

$72B

Banked population

58%

Payment method breakdown

Card56%
E-Wallet28%
Cash (incl. OXXO)8%
Bank transfer7%
BNPL1%

Card scheme breakdown

Market data coming soon.

Cross-border e-commerce

Market data coming soon.

Featured payment methods in Mexico

Popular options based on coverage and prominence in this market.

Uala

Argentine fintech offering a prepaid Mastercard and wallet used for online and in-store payments, also operating in Mexico and Colombia. Operator: Uala (Wanap S.A. / ANG Servicios Financieros). Est. users: Argentina's 3rd-most-used wallet (~20% share, 2025); millions of users.

Mercado Pago

MercadoLibre's pan-Latin-American digital wallet and payment account supporting online checkout, QR payments and money transfers. Operator: Mercado Libre (DeRemate.com de Mexico / MercadoLibre S.R.L.). Est. users: ~78 million monthly active users (Q4 2025).

NuPay

Nubank's checkout payment method letting its large customer base pay merchants directly from their Nu account, often in installments. Operator: Nu Pagamentos S.A. (Nubank). Est. users: ~135 million Nubank customers across markets (2025).

OXXO Pay

Voucher-based method where consumers pay for online purchases in cash at OXXO convenience stores using a reference code. Operator: Cadena Comercial OXXO S.A. de C.V. (FEMSA). Est. users: Tens of millions; ~21,000+ stores nationwide (2025).

Spin by OXXO

Mexican digital wallet and prepaid debit card backed by OXXO's store network, used for online and in-store payments and transfers. Operator: Spin by OXXO (FEMSA / Coca-Cola FEMSA). Est. users: ~10-13 million users (2024-2025).

SPEI

Mexico's central-bank interbank electronic payment system enabling real-time bank transfers, used at checkout and for P2P. Operator: Banco de Mexico. Est. users: ~75% of adults transacted (2025); 5.34bn transactions (2024).

All payment methods in Mexico

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Featured banks in Mexico

Major institutions operating in this market.

Banco Santander

Santander, Spain

Banco Santander is Spain's largest bank and one of the world's top 10 financial institutions by market cap. It serves 160 million customers in Europe, North America, and Latin America.

Citigroup (Citi)

New York, United States

Citigroup (Citi) is a global diversified financial services holding company, operating in 160+ countries. It is known for its institutional banking, treasury services, and consumer banking across emerging markets.

Crédit Agricole Group

Paris, France

Crédit Agricole is the world's largest cooperative bank and France's second-largest financial group. It provides retail, corporate, insurance, and asset management services in France and internationally.

BBVA

Bilbao, Spain

BBVA is Spain's second-largest bank with a major presence in Mexico, South America, Turkey, and the USA. It is known for its digital banking leadership.

Itaú Unibanco

São Paulo, Brazil

Itaú Unibanco is Latin America's largest bank by assets, formed from the 2008 merger of Itaú and Unibanco. It offers retail, SME, corporate, and investment banking.

Nubank

São Paulo, Brazil

Nubank is Brazil's leading neobank and the world's largest fintech by customers (over 100 million). It offers credit cards, digital accounts, personal loans, and investment products.