Mexico | Advances and challenges around the use of cash
Published on Monday, April 1, 2024
Mexico | Advances and challenges around the use of cash
This press article contains some indicators from the point of view of consumers, and public and private companies related to the reduction in the use of cash in Mexico after the pandemic and mentions some of its challenges.
Key points
- Key points:
- For those adults who indicated to own a credit card or a debit card, from 2018 to 2021, there was a reduction from 89.1% to 82.9% of adults (6.2pp) who preferred cash for purchases of 500 pesos or less, and 73.6% to 65.5% (8.1pp) for payments of 501 pesos or more.
- From 2017 to 2020, the proportion of companies that accepted card payments increased from 35.2% to 45.4% (10.2pp).
- From 2019 to 2023, at the national level, the population aged 18 and over that used internet to make a payment, procedure or request a public service increased from 4.8% to 16.2% (11.4pp).
- In 2023, 43.5% of the population aged 18 and over stopped carrying cash for fear of being the victim of a crime. Likewise, in other countries, a strategy that some businesses have implemented against robberies has been to reduce (or even eliminate) cash payments.