Key Insights
Online Purchase Volume Dominates: In September 2024, online purchases with credit cards amounted to MX$199.7 billion, while debit card transactions reached MX$196.8 billion, showcasing robust consumer engagement in digital commerce.
Authorization Rates Vary: Credit card transactions exhibited a higher authorization rate by quantity (72%) compared to debit cards (69%), indicating a slight advantage in approval efficiency for credit card users.
Chargebacks Remain Low: Chargebacks as a percentage of total transaction volume were minimal, at 0.37% for credit cards and 0.30% for debit cards, underscoring enhanced fraud prevention measures.
Market Share Leadership: BBVA/Bancomer dominated the market with 39.81% of authorized credit card transactions and an impressive 49.30% share in debit card purchases.
Transaction Size Comparison: Average transaction values highlighted distinct user behavior: MX$1,231 for authorized credit card purchases and MX$511 for debit cards, reflecting different use cases and purchasing power.
Market Overview
Credit Card Transactions
Transaction Requests: Credit card purchase requests reached MX$199.7 billion in September 2024, with 143.78 million individual transactions submitted.
Authorizations: Approved transactions totaled MX$128 billion, reflecting a monetary authorization rate of 64%. By quantity, 104 million transactions were approved, achieving a 72% success rate.
Chargebacks: Chargebacks accounted for MX$474 million, representing 0.37% of the total monetary volume. The count of chargebacks stood at 426,512, a 0.41% share of total transactions.
Average Transaction Values: The average request was MX$1,389, with approved transactions averaging MX$1,231. Chargebacks were slightly lower, averaging MX$1,110.
Debit Card Transactions
Transaction Requests: Debit cards saw MX$196.8 billion in purchase requests, with 341.48 million individual transactions initiated.
Authorizations: Authorized purchases totaled MX$120.63 billion, representing a 61% monetary authorization rate. A total of 236.07 million transactions were approved, corresponding to a 69% success rate.
Chargebacks: Debit card chargebacks amounted to MX$366 million, or 0.30% of the total transaction value. The count of chargebacks reached 849,849, equating to 0.36% of total transactions.
Average Transaction Values: The average request value was MX$576, with authorized transactions averaging MX$511. Chargebacks averaged a lower MX$430.
Rankings
Credit Card Market Share
BBVA/Bancomer: Leading with a commanding 39.81% market share. Banamex: Secured second place with 24.24%. Santander: Held 8.28%, showcasing moderate market presence. Banorte: Accounted for 7.95%, closely following Santander. HSBC: Rounded out the top five with 3.97%.
Debit Card Market Share
BBVA/Bancomer: Dominated with 49.30%, nearly half of the entire market. Banamex: Maintained 15.24%, significantly trailing BBVA. Santander: Achieved 8.06%, highlighting consistent performance. Banorte: Represented 7.00%, a close competitor to Santander. Azteca: Concluded the list with 6.99%, indicating strong regional presence.
Conclusion
The data from September 2024 paints a vivid picture of Mexico’s eCommerce payments ecosystem. With strong transaction volumes, relatively low chargeback rates, and clear market leadership by BBVA/Bancomer, the sector is poised for continued growth. The higher average transaction values for credit cards underline their appeal for high-value purchases, while debit cards maintain their relevance in everyday spending. These trends signal a well-developed digital payment landscape, offering opportunities for further innovation and competition.