The Mexico digital wallets market is poised to grow from US$4.095 billion in 2025 to US$6.899 billion in 2030 at a CAGR of 10.99%.
A digital or electronic wallet is referred to as an internet or electronic-based payment system that stores both financial values as well as personal identity-related information in a mobile or computer. The growing internet penetration and digitization in Mexico have provided new scope for various digital platforms in the country.
Moreover, with high levels of cross-border spending, booming social media and e-commerce culture in the country are shaping the market demand for digital platforms in Mexico. Additionally, considering the increasing popularity of digital wallets in the country, market players are taking strategic actions and forming partnerships and collaborations to further increase their customer base and subsequently their market share in the upcoming years.
The Mexica digital wallet market is set to note substantial growth in the years ahead, backed by factors like the increasing popularity of e-commerce and social commerce in the country. Though Mexico’s e-commerce market takes just a tiny slice of the country’s overall retail market, however, the ongoing trend of digital transformation followed by investments in high-speed networks has elevated the volume of e-commerce users in the country. According to the International Trade Administration, the strength of e-commerce users in Mexico reached 63 million in 2022, which represented a 5.5 million increase from the figure recorded in 2021.
Moreover, the constant growth in millennials and the young population has increased the scale of media adoption in Mexico which has further improved the level of adopting new associated technical services.
In the current scenario of technological advancements, the demand for higher-speed networks is also booming in economies, and likewise, Mexico has undertaken various initiatives and investments to bolter such network adoption. According to the GSMA’s 2023 published report titled “5G in Latin America”, by 2030, 5G adoption will reach up to 62% thereby showcasing a massive jump from the current adoption rate of 13%. Furthermore, the same source also specified that number of 5G connections will grow from 16.9 million in 2025 to 87 million in 2030.
Digital wallets though provide a modern approach to conducting financial transactions; however, the whole architecture is based on the system that can be vulnerable to account takeover or unauthorized access, which can expose the data related to payments and money transfers. Due to such risk, the degree of conducting online transactions is witnessing fluctuation in Mexico, which is expected to hamper market demand for digital wallets.
According to the research TransUnion research report in which 13,923 adults were interviewed across 18 global markets inclusive of Mexico, it was found that 42% of respondents from the country abandoned online applications in 2023 as they didn’t believe their data would be secured.
By device, the smartphone is anticipated to hold a considerable share of the market and is poised for a significant expansion which is attributable to the booming mobile penetration followed by favorable investment in digitization and 5G connectivity. Likewise, the improvement in living standards has also elevated the scale of mobile e-commerce in Mexico, for instance, according to a US Department of Commerce report, nearly 60% of online transactions are completed through mobile devices in Mexico.
Furthermore, an increasing number of consumers are widely accessing their social media through their smartphones and the growth of mobile transactions has been driven by the popularity of such ridesharing networks. Moreover, digital wallets employed through smartphones provide numerous benefits to users including comfort, time-saving, better expense tracking, enhanced security, and lower costs among others.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Mexico Digital Wallet Market Size in 2025 | US$4.095 billion |
| Mexico Digital Wallet Market Size in 2030 | US$6.899 billion |
| Growth Rate | CAGR of 10.99% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| List of Major Companies in Mexico Digital Wallet Market |
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| Customization Scope | Free report customization with purchase |