Mexico Cards and Payments Market Size, Development, Growth and Forecast to 2020

The research report provides in depth analysis and insights into the Mexican Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

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The total number of cards in circulation reached 166.5 million by the end of 2014, whereas the total population of the country reached 119.5 million, representing a penetration of 1.4 cards per person in 2014. In terms of number of cards in circulation, the Mexican payment cards market is expected to grow at a CAGR of 4.7% over the period 2015-2020. The growth of the card payments market will be driven by the growth of e-commerce, higher disposable income per capita, new product offerings and growth in retail.

In Mexico, the debit cards dominate the payment cards market in terms of number of cards in circulation. Debit cards accounted for 81% of the total number of cards in circulation in 2014. Debit cards are being used by consumers to shop at retail outlets, withdraw cash from ATMs and make online payments. Some of the key players in the debit cards market include BBVA Bancomer, Banamex-Citibank, Banorte, Banco Santander, Scotiabank. BBVA Bancomer was the leading bank in terms of number of debit cards issued in 2014.

The total number of credit cards in Mexico increased at a CAGR of 6.1% during the period 2012-2014. However during the forecast period, the growth is expected to slow down to a CAGR of 4.8%. The average credit card transaction value in Mexico increased from MXN 861.3 in 2012 to MXN 875.6 in 2014, at a CAGR of 0.8%. The average transaction value is expected to grow at a CAGR of 1.2% during the forecast period.

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Luis Miguel Torre, Executive Consumer Credit Director of Banamex, said: “This launch in Mexico represents a very important step for the Citi strategy that pursues the alignment of products and programs in scale economies, always thinking of a standardized experience for our customers that has been proven and is supported worldwide.”

Luis Miguel Torre, Executive Consumer Credit Director of Banamex, said: “This launch in Mexico represents a very important step for the Citi strategy that pursues the alignment of products and programs in scale economies, always thinking of a standardized experience for our customers that has been proven and is supported worldwide.”