Mexico Digital Wallet Market Size, Share, Opportunities, And Trends By Device (PC/Laptops, Smartphones), By Application (Money Transfer, Recharge, Movie Booking, Food ordering, Others), By Technology, Near field communication, QR CODE, Text based/ short message service, Digital Only), And By Region - Forecasts From 2025 To 2030

The Mexico digital wallets market is poised to grow from US$4.095 billion in 2025 to US$6.899 billion in 2030 at a CAGR of 10.99%.

A digital or electronic wallet is referred to as an internet or electronic-based payment system that stores both financial values as well as personal identity-related information in a mobile or computer. The growing internet penetration and digitization in Mexico have provided new scope for various digital platforms in the country.

Moreover, with high levels of cross-border spending, booming social media and e-commerce culture in the country are shaping the market demand for digital platforms in Mexico. Additionally, considering the increasing popularity of digital wallets in the country, market players are taking strategic actions and forming partnerships and collaborations to further increase their customer base and subsequently their market share in the upcoming years.

What are the Mexico Digital Wallets Market drivers?

• The rising e-commerce and social media culture is bolstering the market growth.

The Mexica digital wallet market is set to note substantial growth in the years ahead, backed by factors like the increasing popularity of e-commerce and social commerce in the country. Though Mexico’s e-commerce market takes just a tiny slice of the country’s overall retail market, however, the ongoing trend of digital transformation followed by investments in high-speed networks has elevated the volume of e-commerce users in the country. According to the International Trade Administration, the strength of e-commerce users in Mexico reached 63 million in 2022, which represented a 5.5 million increase from the figure recorded in 2021.

Moreover, the constant growth in millennials and the young population has increased the scale of media adoption in Mexico which has further improved the level of adopting new associated technical services.

• Growing high-speed internet penetration has improved the market expansion.

In the current scenario of technological advancements, the demand for higher-speed networks is also booming in economies, and likewise, Mexico has undertaken various initiatives and investments to bolter such network adoption. According to the GSMA’s 2023 published report titled “5G in Latin America”, by 2030, 5G adoption will reach up to 62% thereby showcasing a massive jump from the current adoption rate of 13%. Furthermore, the same source also specified that number of 5G connections will grow from 16.9 million in 2025 to 87 million in 2030.

Mexico Digital Wallets Market Restraints:

• Concerns relating to identity theft or data breaches can hamper the market growth.

Digital wallets though provide a modern approach to conducting financial transactions; however, the whole architecture is based on the system that can be vulnerable to account takeover or unauthorized access, which can expose the data related to payments and money transfers. Due to such risk, the degree of conducting online transactions is witnessing fluctuation in Mexico, which is expected to hamper market demand for digital wallets.

According to the research TransUnion research report in which 13,923 adults were interviewed across 18 global markets inclusive of Mexico, it was found that 42% of respondents from the country abandoned online applications in 2023 as they didn’t believe their data would be secured.

Segment Analysis of the Mexico Digital Wallets Market:

• The smartphone segment based on devices will show positive growth during the forecast period.

By device, the smartphone is anticipated to hold a considerable share of the market and is poised for a significant expansion which is attributable to the booming mobile penetration followed by favorable investment in digitization and 5G connectivity. Likewise, the improvement in living standards has also elevated the scale of mobile e-commerce in Mexico, for instance, according to a US Department of Commerce report, nearly 60% of online transactions are completed through mobile devices in Mexico.

Furthermore, an increasing number of consumers are widely accessing their social media through their smartphones and the growth of mobile transactions has been driven by the popularity of such ridesharing networks. Moreover, digital wallets employed through smartphones provide numerous benefits to users including comfort, time-saving, better expense tracking, enhanced security, and lower costs among others.

Recent development in the Mexico Digital Wallets Market:

• In March 2024: MeaWallet formed a collaboration with Mexico-based financial service provider Fondeadora where the latter will use the former’s card tokenization services in its digital payment services. The collaboration aligns with the growing culture of online and mobile banking services in Mexico. The tokenization service will replace the sensitive card information of users with digital identities thereby ensuring a secured transaction platform.
• In January 2024: Digital financial service provider Nu México formed a strategic partnership with Felix Pago through which the former launched an option that would ease up the cross-border money transfer between Mexico and the United States. The collaboration will further improve the company’s credibility in cross-border transactions in Mexico, where it is currently present in nine out of ten municipalities.

Mexico Digital Wallet Market Scope:

Report Metric	Details
Mexico Digital Wallet Market Size in 2025	US$4.095 billion
Mexico Digital Wallet Market Size in 2030	US$6.899 billion
Growth Rate	CAGR of 10.99%
Study Period	2020 to 2030
Historical Data	2020 to 2023
Base Year	2024
Forecast Period	2025 – 2030
Forecast Unit (Value)	USD Billion
Segmentation	Device Application Technology Region
List of Major Companies in Mexico Digital Wallet Market	PayPal MercadoPago BillMo Ebanx Citibanamex
Customization Scope	Free report customization with purchase

 

Mexico Digital Wallets Market is analyzed into the following segments:

• By Device
  • PCs/Laptops
  • Smartphones
• By Application
  • Money Transfer
  • Recharge
  • Movie Booking
  • Food Ordering
  • Others
• By Technology
  • Near Field Communication
  • QR Code
  • Text-Based/ Short Message Service
  • Digital Only
• By Region
  • Nuevo León
  • Coahuila
  • Federal District
  • Sonora
  • Baja California

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. CXO Perspective

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View 

5. MEXICO DIGITAL WALLETS MARKET BY DEVICE

5.1. Introduction

5.2. PCs/Laptops

5.3. Smartphone

6. MEXICO DIGITAL WALLETS MARKET BY APPLICATION

6.1. Introduction

6.2. Money Transfer

6.3. Recharge

6.4. Movie Booking

6.5. Food Ordering

6.6. Others

7. MEXICO DIGITAL WALLETS MARKET BY TECHNOLOGY

7.1. Introduction

7.2. Near Field Communication

7.3. QR Code

7.4. Text-Based/Short Message Service

7.5. Digital Only

8. MEXICO DIGITAL WALLETS MARKET BY REGION

8.1. Introduction

8.2. Nuevo León

8.3. Coahuila

8.4. Federal District

8.5. Sonora

8.6. Baja California

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. PayPal

10.2. MercadoPago

10.3. BillMo

10.4. Ebanx

10.5. Citibanamex

PayPal

MercadoPago

BillMo

Ebanx

Citibanamex