Online Payment Methods in Mexico
Mexico is the second largest e-commerce market in Latin America, behind only Brazil. Analysts from ClearSale predicted the market to grow by 33% from 2023 to 2026 to reach $176.8 billion in sales. The analysts’ predictions are coming true as the share of online shopping is growing.
If you are planning to enter the Mexican market or want to attract customers from this country to your business, it is important to pay attention to local payment methods. Let us tell you about the most popular Mexico online payment methods and why it is important to choose a reliable payment gateway to accept payments.
Payment methods for online business in Mexico
Let’s consider the main payment methods in Mexico.
Bank transfers (SPEI).
SPEI is an instant payment system created by the Bank of Mexico. It allows consumers to instantly transfer funds between bank accounts. Benefits of SPEI:
- High security thanks to a secure infrastructure.
- Fast transaction processing.
- Free or low-cost transfers for customers.
System for Transfers and Payments (STP)
STP is similar to SPEI but is enterprise orientated. It facilitates communication between companies and banks, ensuring that bulk and regular payments are executed efficiently. STP features:
- Connectivity with major banks in Mexico.
- Reliability in processing large volume of transactions.
- Cost-efficiency through low fees.
Credit and debit cards
Card payments remain important for online business, although debit cards are more popular than credit cards. Major networks include Visa, Mastercard, and local Banorte and BBVA cards. Advantages:
- Reliable and familiar to customers.
- Compatibility with international shoppers.
- Improved security through technologies such as 3D Secure.
Cash payments
About half of the Mexican population continues to prefer cash payments. The following options are popular:
- OXXO Pay: Pay through OXXO shops using a barcode.
- Retailers: Ability to pay at Bodega Aurrera, Walmart, Soriana shops, etc.
Digital wallets (Mercado Pago, PayPal).
Digital wallets such as Mercado Pago and PayPal are becoming increasingly popular among the younger generation. Their pros:
- Easy to top up via bank transfers, cards or OXXO Pay.
- Fast transactions without entering card details.
- Buyer Protection.
Buy now, pay later (BNPL).
New services such as Kueski Pay allow shoppers to pay in instalments. Benefits:
- Flexible payment schedule.
- Attracting younger shoppers.
- Increase in average cheque.
Each payment method has its own features and advantages. To run a successful online business in Mexico, it is important to offer customers a variety of payment methods, taking into account their preferences and needs. Billblend has support for most local payment methods. Here you can find out how we solved a problem with a quick transfer system in neighbouring Brazil.
Benefits of BillBlend: support for different payment methods in Mexico
BillBlend is designed to make it easy for businesses to navigate the complex payments ecosystem, especially in markets as diverse as Mexico. Our innovative payment solutions make it easy to adopt key localised payment methods.
Wide range of payment options
BillBlend supports a variety of payment methods, from bank transfers to digital wallets, to meet the diverse preferences of your customers. This includes support for popular methods such as SPEI, OXXO Pay, Mercado Pago and more, greatly expanding your customer base.
Unrivalled security
Our solution is equipped with advanced fraud prevention technologies and is PCI DSS Level 1 certified, ensuring the highest level of data protection and confidence in compliance with all regulatory requirements.
Full integration
The BillBlend platform provides seamless integration with your order management system, allowing you to manage all payments through a single interface. This simplifies the checkout process for customers and reduces the risk of errors.
Increase conversions
By providing customers with convenient and familiar payment methods, you increase the chances of successfully completing a transaction. According to research, using local payment methods increases conversion rates by 25-30%.
Support international growth
BillBlend supports multilingual and multi-currency functionality, making it an ideal choice for companies planning to expand into international markets. This allows you to serve customers around the world while maintaining a high level of service.
Ongoing support and updates
Our team of experts are on hand to assist you with customisation and process optimisation. We regularly update our solutions to stay at the forefront of the industry and meet the challenges of a changing marketplace.
BillBlend is more than just a payment gateway, it’s your trusted partner in the world of e-commerce. We help you enter the Mexico market with confidence and efficiency, offering exactly the solutions your customers need.
Answers to common questions
How do I get started with BillBlend?
To get started with BillBlend, contact our team via the official website or message us on Telegram. We’ll help you set up the platform and find the best solution for your business.
Can BillBlend help me with customers from different countries?
Yes, BillBlend supports multilingual and multi-currency functionality, making it a great choice for businesses looking to expand into international markets.
What payment methods does BillBlend support in Mexico?
BillBlend supports a wide range of local payment methods including bank transfers (e.g. SPEI), digital wallets (Mercado Pago, PayPal), cash payments (OXXO Pay) and card payments (Visa, Mastercard).
