The study is based on extensive secondary and primary research. The various sources studied during the secondary research include websites of payment/ banking/ industry associations, industry regulatory bodies, banks, and card issuers. The primary research included in-depth interviews with industry experts and key opinion leaders.
Mexico cards and payments market overview
In terms of number of cards in circulation, the Mexico payment cards market is expected to grow at a CAGR of 4.7% over the period 2015-2020. The total number of cards in circulation reached 166.5 million by the end of 2014, whereas the total population of the country reached 119.5 million, representing a penetration of 1.4 cards per person in 2014.
The country’s GDP per capita increased from MXN 133,500 in 2012 to MXN 143,351 in 2014. GDP per capita is likely to increase further over the forecast period, from MXN 151,246.9 in 2015 to MXN 198,967.9 in 2020. The increase in GDP per capita income levels is expected to increase the scope of payment cards use over the forecast period. Mexico’s population grew steadily from 117 million in 2012 to 119.7 million in 2014, and is expected to reach 128.1 million by 2020. The increase in population is also expected to encourage card spending over the forecast period.
In February 2016, Banamex partnered with MasterCard to launch Banamex Wallet, a new application for Android devices allowing scanning of Banamex credit cards on mobile phones and thus make purchases, through the NFC interface. Banamex wallet allowed digitization of Banamex MasterCard credit cards allowing their customers to experience a safe and contactless shopping, also eradicating the need of carrying the credit card.
In February 2016, Banamex announced the launch of two credit cards CitiA Rewards and Citi Premier targeted at affluent frequent traveler. The cards offer reward program, CitiA ThankYouA Rewards, which ensures the freedom to redeem without any limitations and without the need of a co-issuing partner. The program allows customers the ability to redeem their points for travel with the airline of their choice. It is also possible to redeem the points for 4,000+ items that includes travel offerings, electronic goods among other rewards. The launch of these two new cards completes the family of Banamex global rewards cards and joins Citi Prestige, which was launched three years ago in Mexico. Some of the additional benefits of these new cards are the Global Concierge Service, the restaurant program and an extensive offering of protection benefits, including purchase, travel, medical and life insurance.
Key players in the Mexican cards and payments market:
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