The ballad of Mexico’s payments landscape is one of modernization, reducing cash in circulation and bringing more people into the country’s formal economy. The government is looking to the banks and fintechs to support its aims to go cashless and decrease the number of unbanked citizens. Nevertheless, Mexico is still the second-biggest ecommerce market in Latin America, and one forecast to grow a further 30% by 2024.
When shopping online, Mexicans are known to pay using cash-based payment methods and online banking, while paying in installments is also common. OXXO is one such cash-based method; it works by generating a code that allows shoppers to pay at their local convenience store.
Card usage is on the rise for online and in-store payments, but it’s important to note that many domestic cards in Mexico are not enabled for cross-border purchases. This can result in lower authorization rates. Adyen has local acquiring capabilities in Mexico, so you can process transactions with credit and debit cards issued by any bank and increase authorization rates.
FAQs
In Mexico people prefer to pay with their MasterCard, VISA credit or debit card. Besides cards, unbanked Mexicans or people without access to debit/credit cards use popular online cash payment options like OXXO and 7Eleven. Shoppers order online and pay with cash at specific OXXO and 7Eleven stores.
How can I pay for things in Mexico? ›
Almost all Mexican destinations accept U.S. credit or debit cards (debit cards will only work with ATMs, however, as most Mexican businesses don't have PIN machines).
Should I pay with cash or card in Mexico? ›
The best way to spend in Mexico is a combination of both cash and your debit card. Larger businesses and those in major cities are likely to accept debit cards, but not all will. Some smaller stores and businesses may only accept cash. For example, market stalls, street food stands and taxis.
What is the Mexican form of payment? ›
"Debit card" and "Credit card" are the top two answers among Mexican consumers in our survey on the subject of "Most common online payments by type". Find this and more survey data on most common online payments by type in Mexico in our Consumer Insights tool.
Does Mexico have Zelle or venmo? ›
Zelle can only be used by customers in the US with local bank accounts and phone numbers - you can't make a Zelle payment to someone in Mexico. Check out alternatives like Wise for low cost international transfers to Mexico.
Do Mexico use PayPal? ›
What do I need to transfer money online to Mexico? You only need an active account with PayPal to send money online. From there, you can easily transfer to recipients in Mexico. If you don't have an account with PayPal, you can sign up for one today.
Can you use Apple Pay in Mexico? ›
Latin America and the Caribbean
Although only a handful of countries will accept Apple Pay in Latin America or the Caribbean, it is possible to use the convenient payment option in select countries. Latin American countries that support Apple Pay include Argentina, Columbia, Costa Rica, Brazil, Mexico, and Peru.
Can I use my cell phone in Mexico? ›
When traveling in Mexico, your phone will work same as it does within the United States. You will not need to pay any additional roaming charges or fees so long as you're on an AT&T unlimited plan. Keep in mind, roaming may be at 2G speeds.
Should I exchange money before I travel to Mexico? ›
Having some pesos on hand will save you money and make your transactions easier. Should you exchange money before going to Mexico? If you have time, try to get a few thousand pesos from your bank at home before your trip. Otherwise, just withdraw cash from an ATM in Mexico when you arrive.
Is 100 dollars a lot in Mexico? ›
What can a handful of pesos get you in Mexico? Considering the fact that under current exchange rates, $100 USD equals approximately 1,671 MXN, so is $100 a lot of money in Mexico? Yes, you can get a whole heck of a lot from $100!
The best currency to bring to Mexico is a mix of pesos and US dollars. Use the dollars to pay for tours, entrance fees, accommodation, and travel. For everything else use pesos. It should be relatively simple to get pesos in your own country before you travel.
Do you tip in Mexico? ›
Tipping at restaurants in Mexico is always expected. However, how much you tip varies on the level of service and location within the country. Because beach destinations tend to see more foreign tourists from the United States and Canada, it is customary to tip between 15 and 20 percent.
How do I pay in Mexico? ›
Mexico's official currency is the peso. Although the peso is the main currency, American dollars are accepted in touristy areas. Some high-traffic tourist regions might also accept Euros, Canadian dollars and British pounds. However, it's almost always more cost-efficient to pay with pesos.
How many pesos should I bring to Mexico for a week? ›
If you are extremely budget conscious, you might be able to get by on 2,500 to 3,000 pesos (not including lodging expenses). On the other hand, one could easily spend 15,000 or more. It depends on where you eat, what you drink and the activities you enjoy.
What does 20 pesos look like? ›
The image of Don Benito Juárez is accompanied by a drawing composed of a balancing scale in the foreground, which symbolizes equilibrium and justice, and a book, which represents the reform laws enacted in 1859.
Does Mexico use Cashapp? ›
Cash App doesn't work in Mexico. It is only available in the US and UK, and payments can only be made domestically or between these 2 countries.
Did Mexico use Apple Pay? ›
One out of 10 respondents from Mexico indicated they had used Apple Pay in a POS setting between April 2022 and March 2023 - with an additional one out of 10 saying they used Apple Pay during this same time for online payments.
Does Mexico use a credit score system? ›
Mexico. Mexico's official credit bureau, the Buró de Crédito, tracks consumer credit information. But a private credit bureau, Círculo de Crédito, is gaining popularity among Mexican banks. Círculo de Crédito uses FICO score models to determine creditworthiness.
Does Mexico use paper money? ›
Banknotes issued by the National Bank of Mexico
Thus, Mexico adopted banknotes as a widely accepted exchange medium.
