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MEXICO Overview
EBANX Solutions
Established as one of the world's great civilizations, Mexico is a fusion
of Mayan and Spanish decedents. With a vibrant, burgeoning
economy, the country is consuming the world and gaining an edge
on neighboring nations. The Mexican culture is known worldwide for
its unique music, food, entertainment, and habits - from mobile usage
to payment methods. Ever heard of OXXO? If you’re interested in
exploring business opportunities in Mexico, it’s vital to learn more
about this amazing country. There’s more to know in Mexico than
tequila, mariachi and beautiful beaches.
WELCOME TO MEXICO. MI CASA, SU CASA.EconomyPopulation
15th126M
Currency
Mexican peso (MXN)
Online Users
65M
Online Shoppers
16M
Banked Population
35%
Popular local payment method
Mexico has the 2nd largest Latin America online population, following Brazil's, with 65 million internet users. 2015 marked the first year that the majority (53.8%) of the country’s population is online.
When Mexicans are online, 32% of the time they are on social media websites, and from those, 80% check their profiles on a daily basis.
THEY'RE CONNECTED. THEY'RE LIKING AND SHARING IT.
A land where mobile is THE thing.
MEXICAN POPULATION ON FACEBOOK, 22M = 2 TIMES GREECE'S ENTIRE POPULATION
When talking about mobile usage, Mexico is the first one in Latin America. A study revealed that 81% of Mexicans who access the internet, will access it via mobile devices on a monthly basis.
A research conducted in Mexico City showed that smartphones are the primary device used to access the internet in Mexico, mentioned by 39.1%. Desktops were still highly relevant with 34.9%.
FACEBOOK34%
YOUTUBE28,8%
TARINGA*10% * Taringa is a popular social media used in Spanish speaking countries in Latin America.
The Mexico ecommerce market is in an early stage and it’s projected to grow exponentially in the coming years. By 2018, Mexico will be home to 80 million internet users, 21.1 million of whom will be econsumers, and they'll spent 12 billion dollars online (nowadays this sum is 6).
ECOMMERCE RETAIL IS GROWING ON A DOUBLE-DIGIT BASIS.
2013 TO 2014
2014 TO 2015 32%
50%
87% 14,5%
Almost 16 million Mexicans shop online, and over 50% of Mexican purchases are conducted on foreign websites.
Mexicans are buying from their neighbour and, as the rest of the world, they are buying from the Asia’s giant.
PAYMENT METHODS ARE A CONCERN FOR DIGITAL CUSTOMERS. 51% of buyers states that they have abandoned an online shopping cart because their preferred payment option was unavailable.
Mexico is also a cash based economy. In fact, nearly 2/3rds of Mexicans still don’t have a bank account. Online transactions are mainly paid:
Unlike most Latin American countries, debit card penetration in Mexico is extremely high compared to credit cards: 139.7 million vs 29.7 million. That’s nearly 4 debit cards for every credit card. However most debit cards can’t process online transactions and many which are able can’t process foreign exchange. ONLINE
TRANSACTIONS ARE PAID VIA CASH OR CASH ON DELIVERY
(OXXO)
CREDIT CARDS DEBIT CARDS
32% 28% 15%
OXXO, THE NATIONAL PREFERENCE, ACCEPTED
IN 13,000 LOCATIONS.
Mexico is a really unique place and it's obvious that their prefered local payment method is fascinating as well. OXXO is not a bank, OXXO is Mexico’s largest convenience store chain and one of its most successful retailers with over 13,000 stores. It's 7 times larger than it’s nearest competitor!
OXXO is similar to other popular payment methods in Latin America, such as, Boleto Bancario (Brazil), PagoEfectivo (Peru), and Baloto (Colombia), also offered by EBANX.
When this payment method is chosen, the buyer receives a bar code voucher that can be printed and paid in any OXXO store with cash. The transaction is only confirmed after the payment is processed in an OXXO store.
EBANX END-TO-END DIRECT ACQUIRING SOLUTION ALLOW MERCHANTS TO ACCEPT CREDIT AND DEBIT CARD TRANSACTIONS.We process Visa, MasterCard and American Express credit
cards and any debit card issued by Visa and MasterCard in
Mexico, with a local anti-fraud solution.
Most Credit Cards are not enable for international transactions,
that's why a merchant needs a local partner to process local
cards. The approval rate for local cards, compared to
international ones, in 50% higher.
Debit card penetration is much higher (80%) because the
government obliges companies to open a bank account
with a debit card attached to every employee. But that’s also
why the approval rate for online debit transactions is not as
good as in other countries, around 30%.
BE PART OF THIS
GROWING MARKET.
In order to reach 100% of the online Mexican population, it is critical to offer their main local payment method, OXXO, and also local credit and debit cards. But how can you do it?
Well, you and your business can start as a global merchant in Mexico, going through all the legal process, local taxes and cross border payment processing. Or you can develop a local partnership with EBANX.
As choosing EBANX as partner, you and your business will be able to increase authorization rates significantly by utilizing local acquiring. In addition, you can also grant your consumers local payment methods such as OXXO and local cards.
Give us a call, we're here to help develop your business in Mexico and Latin America.
EL MUNDO ES TUYO.
International Credit Cards
EBANX Local Payment Methods
100% Market Reach
with EBANX