Mexico is at a pivotal moment in its digital transformation. As economies around the world increasingly adopt cashless solutions, the country is experiencing rapid growth in digital payment systems. However, this transition presents significant challenges, particularly due to the enduring role of cash in Mexico’s informal economy.

To better understand these changes, it is important to analyze current trends, such as the rise of fintech firms and government initiatives aimed at promoting financial inclusion. The introduction of payment systems like SPEI (Sistema de Pagos Electrónicos Interbancarios) has made transferring money easier and faster than ever. Yet, obstacles remain, including limited internet access in some regions, lack of financial knowledge among certain populations, and concerns regarding the use of technology. To address these challenges, collaborative efforts will be needed to ensure that the transformation is inclusive and benefits all citizens, regardless of their socioeconomic status. A successful transition to a cashless economy in Mexico will not only improve transactional efficiency but also promote financial inclusion and economic progress.

Mexico’s digital payment landscape is growing rapidly. The digital payment market was valued at about US$1.36 billion in 2023 and is expected to reach around US$8.65 billion by 2035. This growth is largely driven by the rising e-commerce sector, with online sales increasing from about US$74 billion in 2023 to more than US$100 billion in 2024.

Real-time payment systems like SPEI are a strong example of how quickly digital transactions are expanding. According to the Mexican Central Bank (Banxico), SPEI handled about 5.34 billion transactions totaling MX$$219 trillion (US$11.7 trillion) in 2024. This optimization is reflected in user rates: data from 2024 indicates that 23.7% of the population used electronic transfers for payments — up from 8.2% in 2021. This change is supported by increased technology adoption, with around 80% of people owning smartphones in 2022 and 83.2% having internet access as of January 2024.

However, the transition to a cashless future in Mexico is closely tied to the dynamics of the informal economy. In 2023, the informal sector accounted for 24.8% of Mexico’s GDP, the highest level since 2003, according to INEGI. This sector includes over 32 million workers, accounting for about 55% of the workforce as of late 2022. For this group, cash is not just a preference, it is often a necessity. This reliance on cash stems from limited access to formal financial services, varying levels of digital skills, and the need for immediate and sometimes anonymous transactions. This gap highlights a significant digital divide shaped by multiple factors.

On the other hand, trust is essential for promoting digital financial inclusion and accelerating the transition. As digital transactions increase, so do concerns about cybersecurity. In 2024 alone, Mexico saw 42.4 million attempts of malware attacks targeting businesses, highlighting ongoing risks. Additionally, 1 in 5 users in Mexico has experienced payment fraud. These figures underscore the need for strong security measures and effective consumer education to foster confidence in digital platforms. A 2023 survey found that 72% of Mexicans expect their banks to refund them in most cases of scams, indicating a strong reliance on financial institutions to protect their online transactions. This expectation puts pressure on banks not only to prevent fraud but also to provide clear and accessible ways for customers to resolve issues.

In line with what has been examined in the previous paragraphs, we can consider that this journey must focus on three critical elements: accessibility, security, and trust.

Accessibility involves ensuring that digital payment options are available to everyone, particularly in underserved areas.

Security is vital to building a reliable cashless ecosystem.

Fostering trust among users is fundamental for widespread adoption and is directly related to—or results from—the first two variables.

How Can Mexico Achieve an Inclusive Digital Future?

To address this topic in a simple and practical way, let us consider what I view as strategic imperatives.

It is essential that we prioritize accessibility and infrastructure specifically designed for underserved populations. This involves implementing easy account-opening processes that reduce barriers; such measures include the use of the latest and most convenient technology for secure identity verification. We should also develop banking solutions with lower fees that focus precisely on the distinctive needs of unbanked and underbanked individuals.

At the same time, we must bolster digital and financial knowledge through well-structured educational programs. These initiatives should focus on imparting practical skills that enable individuals to navigate digital payment platforms, such as mobile wallets and online banking systems. In addition, awareness around cybersecurity is also essential. Organizing workshops and community outreach programs can equip users with the necessary information to recognize phishing scams, develop robust passwords, and protect their personal information.

By addressing these essential needs, we can cultivate a safer, more resilient, and inclusive financial ecosystem that ultimately benefits all members of society.



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