Latin America · GDP rank #12
MX · MXN @ 0.0575/USD
A two-speed payments economy: SPEI handled more than 7.3 billion interbank transactions in 2025 and is on track to overtake card volume by 2026, while CoDi has been allowed to wind down in favour of DiMo's phone-alias overlay. Remittance inflows from the United States stayed the world's largest by absolute value but fell 4.6% in 2025 — the steepest annual decline in 16 years. The fintech sector regulated under the 2018 Ley Fintech has become the region's most active deposit-competition battleground after Brazil.
Key figures
Total card + SPEI + cash payment value
MXN trillions · 2024
Source: Banco de México
Digital payments share of consumer transactions (by volume)
% · 2024
ENIF 2021 baseline extrapolated with Banxico SPEI and CNBV card-acquiring data; next ENIF wave due late 2026.
Source: Banco de México / INEGI
SPEI transactions (annual)
transactions/year · 2025
Roughly MX$600 trillion cleared in 2025; Banxico expects SPEI to overtake card volume by 2026.
Source: Banco de México
Cash share of POS transactions by volume
% · 2024
Highest cash share among OECD members; falls to 34% for purchases above MX$500 and 88% in municipalities under 15,000 people.
Source: Banco de México
Contactless share of card-present transactions
% · 2024
Source: Prosa / E-Global
Adults using any mobile wallet monthly
% of adults · 2024
Source: Mastercard New Payments Index
Top insights
Banxico's interbank SPEI rail cleared more than 7.3 billion transactions in 2025 across roughly MX$600 trillion, growing volume 37% year-on-year. Banxico has publicly stated SPEI will exceed card-payment volume by 2026. CoDi, the 2019 consumer-facing QR overlay, has been quietly sunset in favour of DiMo; no further feature investment is planned in the legacy app.
1 source
DiMo, launched in October 2024 as a phone-number-addressed overlay on SPEI built into the major commercial-bank apps, crossed 11 million users in early 2026 — twelve months of growth that overtook CoDi's cumulative five-year base. Unlike CoDi, DiMo has no MX$8,000 transaction ceiling, is free for sender and receiver, and is offered by more than 20 participating institutions.
2 sources
Mexico received US$61.8 billion in remittances in 2025, a 4.6% decline — the largest annual drop since 2009 — as peso strength and softer US labour markets compressed flows. Q1 2026 reversed the trend: US$14.46 billion arrived in 35.71 million transfers, up 1.4% year-on-year. Electronic transfers carried 99% of the flow; the average transfer rose 5.6% to US$405.
1 source
Strategic openings
Of the US$63bn inbound remittance flow, around US$12bn still runs through high-fee MTO aggregators (Western Union, MoneyGram, Ria) that sit above low-cost account-to-account infrastructure. Fintechs with direct SPEI participant status — Nu, Stori, Mercado Pago — can offer 0.3-0.5% all-in corridors against MTO's 4-6%, and have started to win bottom-quintile volume.
1 source
SPEI interchange is flat at MX$5.70 per transaction regardless of ticket size, making it materially cheaper than card at tickets above MX$200. Banorte and BBVA have started offering SPEI-first acquiring to enterprise merchants; no fintech has yet packaged the equivalent for small merchants, where the MDR arbitrage is largest.
1 source
Only 31% of Mexican adults hold a credit card. The 2018 Fintech Law's IFPE (Instituciones de Fondos de Pago Electrónico) licence lets fintechs issue deposit accounts and debit cards without a bank charter. Mercado Pago, Nu, Stori, Klar, Albo and RappiPay have used this to build a combined ~35 million accounts — a population of credit-worthy users that still lacks credit product depth.
1 source
Disruption intensity
Fintechs have displaced ~20% of incumbent deposits in three years and are now contesting card issuance and acquiring simultaneously; Banxico is actively reshaping consumer rails (DiMo) and wholesale connectivity; regulatory perimeter is widening (stablecoins, open finance) on a 24-month horizon.