E-commerce is gaining more and more ground in Mexico. In addition, a greater number of foreign companies visualize the opportunity to enter the market within the next few years; however, a recent study indicated that an understanding of electronic payments is essential to compete.
In this context, the payment fintech Nuvei pointed out in the study “Insights and opportunities for the success of regional expansion”, that in the coming years it will be key to understand the payment trend in Mexico and Brazil for e-commerce companies in America. Latina.
According to Javier Guerrero, regional director of Nuvei, the size of electronic commerce in Mexico will reach 160,000 million dollars in 2026.
“Seen from outside, Latin America seems like a single region, we know that it is not like that, we are many components of a part of the planet, each one with its particularities, defects and virtues,” explained Guerrero.
Although growth in digital payment methods is projected, Nuvei points out that cash still plays a different role than is observed in other regions of Latin America, which has led the largest e-commerce companies to adopt cash as a payment method. additional.
According to the study, e-commerce transactions through Oxxo in the first half of 2022 had an annual increase of 43%, here the average cash payments were 38 dollars and would increase in the short term with a participation of 10 % in 2026, compared to other payments.
“With 30 million consumers who still do not buy online, cash will continue to be the gateway for those who are going through a digitization process,” the document can be read.
Guerrero explained that the current role of cash will continue in the coming years; however, payment platforms have shown that other methods can coexist with its use.
“Electronic payment methods such as Pix from Brazil have not taken that presence in Mexico, but the coverage of convenience stores with their expansion and specialization in the financial business, made cash occupy an interesting place in commercial purchases. email,” Guerrero said.
the other methods
The technology company highlighted that by 2026, debit and credit cards will increase their use by 34%, while the second fastest growing digital payment method is digital wallets, with 35 percent.
The study highlights that the use of digital payment methods such as buy now, pay later (BNPL), will increase 60% in the next three years and its transactional volume could go from 2,000 million dollars to 8,000 million dollars in 2026 in Mexican territory.
“Simultaneously, Mexican consumers are beginning to adopt digital wallets. eCommerce wallets and ‘Buy Now, Pay Later’ providers are serving as evangelists for digital payments. In general, Mexican fintech and digital wallets are capturing the attention of the younger generations,” the study reads.
