Cash remains dominant, accounting for 67% of online payments due to a largely unbanked population, although 94% of consumers use mobile or online banking services, indicating a gradual shift towards digital banking.

Shows a strong preference for local solutions, with debit cards significantly outnumbering credit cards, and 93% of online consumers preferring card-based transactions, though most debit cards are not configured for online use.

Bank transfers, particularly through the SPEI system, are a key payment method, especially for larger transactions, with SPEI offering real-time transfers and high security, though it differs from European netbanking systems in execution speed.

OXXO is a leading payment method, especially among the unbanked population, allowing for convenient cash payments at over 20,000 locations, withOXXO Pay introducing real-time payment confirmations via mobile.

Mobile wallets like Mercado Pago are gaining traction, with user numbers expected to triple by 2025, though the adoption of mobile payments remains slower compared to other Latin American countries, as evidenced by the low uptake of the CoDi platform.

The Buy Now, Pay Later (BNPL) model is rapidly growing, with Kueski leading the market, having extended nearly US$1 billion in loans, and projections indicating continued strong growth.