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Mexico Cards and Payments Market: Total Card Market grew at a CAGR of 8.1% during the period 2012 to 2014

June 2016

P&S Market Research releases a new research report on cards and payments market:
Mexico: Cards and Payments Market - Size, Share, Development, Growth and Forecast to 2020

The research report provides in depth analysis and insights into the Mexican Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

Explore Report with Detailed TOC on “Mexico Cards and Payments Market” at: https://www.psmarketresearch.com/market-analysis/mexico-cards-and-payments-market

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. In terms of number of cards in circulation, the Mexican payment cards market is expected to grow at a CAGR of 4.7% over the period 2015-2020. The growth of the card payments market will be driven by the growth of e-commerce, higher disposable income per capita, new product offerings and growth in retail.


In Mexico, the debit cards dominate the payment cards market in terms of number of cards in circulation. Debit cards accounted for 81% of the total number of cards in circulation in 2014. Debit cards are being used by consumers to shop at retail outlets, withdraw cash from ATMs and make online payments. Some of the key players in the debit cards market include BBVA Bancomer, Banamex-Citibank, Banorte, Banco Santander, Scotiabank. BBVA Bancomer was the leading bank in terms of number of debit cards issued in 2014.

The total number of credit cards in Mexico increased at a CAGR of 6.1% during the period 2012-2014. However during the forecast period, the growth is expected to slow down to a CAGR of 4.8%. The average credit card transaction value in Mexico increased from MXN 861.3 in 2012 to MXN 875.6 in 2014, at a CAGR of 0.8%. The average transaction value is expected to grow at a CAGR of 1.2% during the forecast period.

In February 2016, Banamex announced the launch of two credit cards CitiA Rewards and Citi Premier targeted at affluent frequent traveler. Cards offer a rewards 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 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, and 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.

Luis Miguel Torre, Executive Consumer Credit Director of Banamex, said: “This launch in Mexico represents a very important step for the Citi strategy that pursues the alignment of products and programs in scale economies, always thinking of a standardized experience for our customers that has been proven and is supported worldwide.”

Reasons to buy

  • Access the historical and forecast data of cards and payments market in Mexico.
  • Understand the key trends, drivers and growth opportunities in Mexico’s cards and payments market.
  • Frame informed and customized strategies for market expansion by identifying the strategies adopted by the key players.
  • Access to banks and card issuers’ competitive intelligence.

 

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