Mexico's online payments market is growing exponentially and is expected to reach $21.8 billion in 2024

According to Statista, more than two-thirds of Mexican online consumers will make cross-border purchases in 2021, and major e-commerce companies are looking to dominate online payments. Driven by the rapid development of e-commerce, Mexico's online payment market is growing exponentially and is expected to reach a market size of US$21.8 billion by 2024.

It is learned that in 2019, 90% of Mexicans used banknotes and coins to pay for daily expenses, and consumers' preference for cash hindered the growth of online payments. During the epidemic, the amount of payments using digital wallets in Mexico increased by 180%, and the most payments were made through debit and credit cards. By 2021, 25 million users had registered for bank digital wallets.

Andrey Novikov, Latin America manager of Unlimitt, a global digital payment platform, said that it will provide merchants with payment services from the digital payment platform CoDi (CoDi has 10 million registered users who receive and pay via mobile phones). Unlimitt will provide Mexican entrepreneurs with a safe and reliable payment solution to enable them to continue to expand into the global e-commerce market.

It is learned that as competition in the e-commerce market intensifies, Unlimitt will provide users with safe and flexible payment methods to reduce the loss of funds caused by payments for entrepreneurs. In addition, it will continue to contribute to the growth of online payments in Mexico and provide services to more customers.

Editor ✎ Nicole/

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