Mexico Digital Wallet market was valued at US$458.879 million in 2019. Amajority of Mexicans still prefer to pay with cash for rent, transportation, utilities, telephone, and even fines and taxes. According to the National Financial Inclusion Survey (ENIF) 2018, between 87 and 95 percent of these operations were paid with notes and coins in Mexico. However, with the technological revolution, rising use of smartphones, and growing penetration of internet connectivity, mobile payments, and digital wallets are gaining momentum in this country.
The growing e-commerce industry is one of the major drivers of the digital wallet market in Mexico. With rising levels of cross-border spending and easy integration of e-wallets with mobile shopping, there has been a rise in the use of digital wallets in the country, thereby driving the market growth. Favorable government policies and initiatives to ramp up internet infrastructure development is also contributing to the growth of the digital wallet market in Mexico. However, despite more than 50 million Mexicans having access to the internet and smartphones, nearly two-thirds of the Mexican population do not own bank accounts, according to the Banco de Mexico. This is currently hindering the digital wallet market growth in Mexico.
Mexico Digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, Mexico digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.