The Mexican credit card market is dominated by the two large banks, BBVA Bancomer and Banamex, owned by Spanish and US banking parents respectively. In terms of pay now cards, these two are the market leaders along with Banorte. Yet non-traditional entrants have also made inroads into the market, reaching new customer groups and offering new types of cards.
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Learn about the threat new payment technologies pose to the payment card market and how developments in this space will influence market dynamics.
Who are the key players in the debit, credit, and charge card markets? How are they adapting to changes within the wider market?
Is consumer behavior and card usage changing? What impact is the economy having on how consumers use their payment cards?
What are the major challenges to the established issuers in the Mexican market, and how are issuers responding to them?
What are the successful strategies being used to acquire and retain customers, and why are they successful?
What does the emergence of new payment technologies mean for future issuer positioning?
The number of credit cards issued in Mexico is rising year on year. Yet a significant number of these cards have yet to be used, and usage is actually marginally declining. Many of the competitive pressures within the Mexican payment cards market are focused around the challenges of increasing usage of already issued cards.
The Mexican authorities have implemented policy initiatives designed to encourage more banks to enter the market and to generally improve the competitive environment. This has led to Mexican consumers taking out credit cards with financial institutions other than their normal bank as well as attracting unbanked and underbanked individuals.
Several issuers have sought to take advantage of new types of cards and payments. Examples include various applications of prepaid cards, mobile payments, and Sr. Pago, the payment solution aimed at those without a bank account.