Mexico's online shoppers to reach 66 million by 2024, e-commerce development drives digital payment adoption

It is learned that recently, according to foreign media reports, with the continuous development of e-commerce in Mexico, more and more consumers are turning to online shopping. According to data from the Mexican E-Commerce Association (AMVO), in the third quarter of 2024, there were 66 million online shoppers in Mexico, accounting for 51% of the country's population, which also promoted the popularity of digital payments.

More and more e-commerce platforms, including Amazon and Mexico's own Mercado Libre, have begun to support the SPEI (instant payment system), with a growth rate of 30% in the past year.

Digital wallets, such as Mercado Pago and PayPal, are becoming the preferred payment method for Mexican consumers and are expected to continue to grow in the coming years. According to the survey, 70% of smartphone users currently use digital wallets, of which 91% use them only for payments. In 2025, it is expected that 36% of digital payments in Mexico will be completed through these digital wallets, a significant increase from 27% in 2021.

At the same time, payment models such as buy now, pay later (BNPL) will also become mainstream and are expected to grow at a compound annual growth rate (CAGR) of 32% between 2023 and 2028. This flexible payment method has gained popularity around the world, and the Mexican market is no exception.

Despite the growing popularity of digital payments, cash payments and other methods are expected to continue to decline. Currently, about 80% of Mexicans still rely on cash payments, which is down from 87% before the pandemic. As payment methods become digital, this proportion is expected to decline further.

In addition, cross-border e-commerce is also booming. With the expansion of e-commerce platforms such as Shein, Temu, and Amazon, Mexico's cross-border e-commerce market will grow by 5.9% year-on-year in 2025, reflecting the increase in demand for imported goods.

Author✎ Summer/
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