Mexico—Latin America’s second-largest economy—saw rapid growth in its e-commerce market in 2020, and whether its citizens are shopping in person or online, cash remains king.
With a population of nearly 130 million, Mexico’s economy is second only to Brazil in Latin America, and its capital city is a significant global financial centre. It is also seeing strong growth in e-commerce. By 2023, it’s estimated that Mexico will be the eighth largest e-commerce market in the world. It is also a powerfully cash-driven economy.
Given only 37 percent of adults have bank accounts, and those with access to cards find them unreliable—with more than half saying they’ve had cashless payments rejected for online transactions—it’s not surprising that even online purchases are paid for using physical money.
