The credit and debit card market in Mexico continues to undergo significant transformations. Analyzing the year-on-year variation of transactions in pesos up to July 2023, notable trends emerge in the top five categories in terms of volume.
The credit card sector in Mexico has maintained a steady growth trajectory, with an average increase of 5.3% in transactions across key categories. Among these, Shoppings & Big Retail shows a 7% rise in transaction value, underscoring their pivotal role in domestic consumption. Despite a more modest variation, "Retail Sales" and "Restaurants" also contribute significantly, with increases of 3.2% and 8.5% respectively.
On the other hand, the debit card market presents a mixed landscape, with moderate growth in some categories and setbacks in others. Shoppings and Big Retails stand out again, with a 12.7% increase in transaction value, showcasing their relevance as a preferred payment method. However, "Retail Sales" and "Restaurants" experience declines of 6.98% and 7.4% respectively, suggesting possible shifts in consumer habits.
Within credit card categories with the highest year-on-year relative growth, the "Retail" segment leads with a 0.55% increase. This underscores the importance of purchases at retail establishments in consumer behavior. "Restaurants" and "Hotels" also emerge as preferred destinations, with increases of 0.46% and 0.33% respectively, indicating recovery in the hospitality sector.
The credit card sector in Mexico has maintained a steady growth trajectory, with an average increase of 5.3% in transactions across key categories. Among these, Shoppings & Big Retail shows a 7% rise in transaction value, underscoring their pivotal role in domestic consumption. Despite a more modest variation, "Retail Sales" and "Restaurants" also contribute significantly, with increases of 3.2% and 8.5% respectively.
On the other hand, the debit card market presents a mixed landscape, with moderate growth in some categories and setbacks in others. Shoppings and Big Retails stand out again, with a 12.7% increase in transaction value, showcasing their relevance as a preferred payment method. However, "Retail Sales" and "Restaurants" experience declines of 6.98% and 7.4% respectively, suggesting possible shifts in consumer habits.
Within credit card categories with the highest year-on-year relative growth, the "Retail" segment leads with a 0.55% increase. This underscores the importance of purchases at retail establishments in consumer behavior. "Restaurants" and "Hotels" also emerge as preferred destinations, with increases of 0.46% and 0.33% respectively, indicating recovery in the hospitality sector.
Credit Cards - Categories ranking - Transactions value (MX$)
Meanwhile, the categories with relative growth for debit cards reflect certain shifts in user preferences. "Grandes Superficies" maintain their lead, experiencing an 0.89% market share increase, indicating that convenience and speed continue to drive this segment. In contrast, "Restaurants" and "Hotels" also show growth, but at a more modest pace of 0.21% and 0.10% respectively.
Debit Cards - Categories ranking - Transactions value (MX$)
The variability in the performance of other categories underscores the need for constant adaptation by industry stakeholders. With the evolving environment and ever-changing technology, it will be crucial for card issuers and companies to adapt and offer innovative solutions to meet the changing demands of consumers.
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