The credit and debit card market in Mexico has shown substantial growth in 2024, reflecting the increasing reliance on digital payments across various sectors. As of August 2024, credit and debit card transactions have demonstrated significant interannual increases in both the total value of transactions and the number of operations, underscoring the country's ongoing shift towards a more digitalized economy.
In the credit card segment, the total value of operations reached MX$201.4 billion, with 239.9 million transactions recorded. These figures represent a 17.99% increase in the value of transactions and a 19.76% rise in the number of operations on a year-over-year basis. Monthly growth rates also indicate a consistent upward trajectory, with a 2.05% increase in transaction value and a 3.51% rise in the number of transactions from July to August 2024.
For debit cards, the market exhibited even more pronounced growth. The total value of transactions in August 2024 was MX$290.5 billion, with 626.1 million transactions conducted. These figures reflect a robust 21.44% annual increase in transaction value and a 26.02% jump in the number of operations compared to the same period in 2023. Monthly growth, while slightly more moderate, still underscores the strong demand for debit card usage, with a 1.30% increase in the value of transactions and a 4.60% rise in transaction volume.
Breaking down the credit card data by category, "Aggregators" saw the highest year-on-year increase in transaction value, with a growth rate of 21.8%, followed closely by "Retail" at 18.5%. Gasoline purchases and transactions at restaurants also experienced solid growth, rising by 17.7% and 16.6% respectively. Meanwhile, purchases at large retail stores posted a 14.8% increase. These categories continue to dominate credit card usage, reflecting broader consumer spending patterns in Mexico, particularly in retail and everyday expenditures.
The debit card market displayed similar trends, with retail transactions showing a striking 31.3% year-on-year growth in transaction value, followed by a 30.0% increase in transactions made through aggregators. The gasoline sector saw a 16.9% rise in transaction value, while purchases in the miscellaneous category posted the highest increase, at an impressive 40.9%. These figures indicate that debit cards are increasingly being used for a wide range of transactions, from daily necessities to more discretionary spending.
In terms of the relative weight of different categories within the total transaction value for credit cards, the retail sector saw the most significant annual increase, gaining 0.62% in its share of total transactions. This was followed by the education sector, with schools and universities increasing their share by 0.48%, and gasoline purchases by 0.21%. Aggregators and spare parts/ hardware stores also saw increases, though more modestly, at 0.20% and 0.05%, respectively.
For debit cards, retail again led the growth, with a 0.71% increase in its share of the total value of transactions, highlighting the sector’s increasing prominence in day-to-day spending. Education-related transactions also grew, with schools and universities posting a 0.46% increase and basic education-related expenses rising by 0.23%. Gasoline purchases and aggregators saw similar gains in their relative weight, increasing by 0.30% and 0.29%, respectively.
These trends point to a broader shift in Mexico's payments landscape, where both credit and debit cards are becoming integral to everyday financial activities. The rise in digital payment channels, coupled with growing consumer confidence in electronic transactions, suggests that the card payments market will continue to expand in the coming years. This expansion is particularly evident in retail and aggregator services, sectors that are increasingly shaping the way consumers interact with payment systems in Mexico.
In the credit card segment, the total value of operations reached MX$201.4 billion, with 239.9 million transactions recorded. These figures represent a 17.99% increase in the value of transactions and a 19.76% rise in the number of operations on a year-over-year basis. Monthly growth rates also indicate a consistent upward trajectory, with a 2.05% increase in transaction value and a 3.51% rise in the number of transactions from July to August 2024.
For debit cards, the market exhibited even more pronounced growth. The total value of transactions in August 2024 was MX$290.5 billion, with 626.1 million transactions conducted. These figures reflect a robust 21.44% annual increase in transaction value and a 26.02% jump in the number of operations compared to the same period in 2023. Monthly growth, while slightly more moderate, still underscores the strong demand for debit card usage, with a 1.30% increase in the value of transactions and a 4.60% rise in transaction volume.
Breaking down the credit card data by category, "Aggregators" saw the highest year-on-year increase in transaction value, with a growth rate of 21.8%, followed closely by "Retail" at 18.5%. Gasoline purchases and transactions at restaurants also experienced solid growth, rising by 17.7% and 16.6% respectively. Meanwhile, purchases at large retail stores posted a 14.8% increase. These categories continue to dominate credit card usage, reflecting broader consumer spending patterns in Mexico, particularly in retail and everyday expenditures.
The debit card market displayed similar trends, with retail transactions showing a striking 31.3% year-on-year growth in transaction value, followed by a 30.0% increase in transactions made through aggregators. The gasoline sector saw a 16.9% rise in transaction value, while purchases in the miscellaneous category posted the highest increase, at an impressive 40.9%. These figures indicate that debit cards are increasingly being used for a wide range of transactions, from daily necessities to more discretionary spending.
In terms of the relative weight of different categories within the total transaction value for credit cards, the retail sector saw the most significant annual increase, gaining 0.62% in its share of total transactions. This was followed by the education sector, with schools and universities increasing their share by 0.48%, and gasoline purchases by 0.21%. Aggregators and spare parts/ hardware stores also saw increases, though more modestly, at 0.20% and 0.05%, respectively.
For debit cards, retail again led the growth, with a 0.71% increase in its share of the total value of transactions, highlighting the sector’s increasing prominence in day-to-day spending. Education-related transactions also grew, with schools and universities posting a 0.46% increase and basic education-related expenses rising by 0.23%. Gasoline purchases and aggregators saw similar gains in their relative weight, increasing by 0.30% and 0.29%, respectively.
These trends point to a broader shift in Mexico's payments landscape, where both credit and debit cards are becoming integral to everyday financial activities. The rise in digital payment channels, coupled with growing consumer confidence in electronic transactions, suggests that the card payments market will continue to expand in the coming years. This expansion is particularly evident in retail and aggregator services, sectors that are increasingly shaping the way consumers interact with payment systems in Mexico.
