Mexico | Mobile banking: the future or the present?

Summary

Mobile banking represents a turning point in traditional banking and a new paradigm for the financial system. The study seeks to show the most current statistics regarding the main trends in access, having and use of this technology and to offer some perspectives in the years to come.

Key points

• Key points:
• The future of banking is mobile: withdrawal or spending operations via cell phone will go from 16% of the total in 2023 to 23% in 2030.
• In Mexico, there are more mobile phone lines than inhabitants. As of the first quarter of 2023, there were 136.4 million active mobile phone lines in the country, of which 88% have access to mobile Internet. Mobile banking is the result of this mobile Internet boom.
• According to the CNBV, as of the third quarter of 2023, Mexico had more than 82 million mobile banking accounts. This represents significant growth, increasing volume six-fold in six years from the 14 million accounts recorded in the third quarter of 2017.
• There are 35 million Mexican adults (38%) without a bank account but with a mobile phone: there is great potential to achieve their financial inclusion through digitization and mobile banking.
• In 2023, around 27.5 million adults with smartphones and Internet access used mobile banking in Mexico. Women represented 48.3% of the total and 6 out of 10 people were between 18 and 39 years old in 2022.

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