Mexico's cross-border payment system embarks on a new journey of convenient and diverse payment methods.
I. The New Journey of Cross-Border Payments in Mexico
Mexico is the second-largest e-commerce market in Latin America and holds a significant position in the e-commerce sector of the region. Relevant data shows that there are over 32 million online shoppers in Mexico each month, and approximately 380 million e-commerce orders are generated annually. It is projected that by 2028, nearly 70% of Mexicans will engage in online shopping, and the e-commerce market size will reach 142 billion US dollars. Such a huge market potential has brought broad growth opportunities for payment companies.
II. Diversified payment methods
SPEI (Fast Electronic Payment System)
SPEI is a real-time payment system launched by the Central Bank of Mexico and has become one of the most popular payment methods in Mexico.
SPEI payment offers advantages such as quick settlement, convenient operation, and high security. It is applicable to various online and offline
transaction scenarios. Whether it is personal transfers or large-scale payments between enterprises, it can be completed quickly.
Electronic purse
Electronic wallets such as Clip, Mercado Pago Mexico and PayPal Mexico are widely used in Mexico. They not only offer payment functions but also
provide diverse services like bill management and coupon redemption, and are highly favored by young consumers.
Bank card
Visa and MasterCard are highly recognized in Mexico, and the use of credit cards and debit cards is also quite common, especially in high-end
consumption scenarios.
COD (Cash on Delivery)
Although online payment is constantly developing, cash on delivery still accounts for a certain proportion in Mexico. For some consumers who are
not familiar with online payment or are concerned about payment security, cash on delivery is a more reassuring option.
Mexican consumers have a strong demand for localized payment experiences and are more inclined to use payment methods familiar to them. For instance, the conversion rate of shopping carts at SPEI in Mexico exceeds 80%. Additionally, Mexican consumers are quite sensitive to prices, and services such as installment payments and interest-free payments are also very popular. This is particularly evident in the fields of large-scale consumption such as electronics and furniture.
With the continuous advancement of technology and the support of the government, the Brazilian payment industry is witnessing more innovative opportunities and growth momentum. The Brazilian payment market is full of prospects. We look forward to working with more partners to explore this promising market. If you are interested in the Brazilian payment market or want to know more about cooperation opportunities, please feel free to contact Hkpay. We will work together to make payments safer and life more convenient!