The STP Summit 2024, themed "The Power of Connection," highlighted the transformation of the digital payment ecosystem in Mexico. Industry leaders discussed the challenges and opportunities for fostering a more inclusive digital economy in the country.
Despite sustained growth in electronic payment usage, significant hurdles remain, requiring comprehensive collaboration among sector players. Key challenges include technological gaps and a cultural preference for cash payments, which are critical to evolving towards a more inclusive digital payment system.
With nearly 100 million internet users, Mexico ranks as the second-largest internet market in Latin America. However, access to digital payment technologies is unevenly distributed. The Financial Inclusion Outlook 2024 reports 7.8 billion transactions in 2023, reflecting a 13% increase from 2022, with point-of-sale terminals leading in operations.
Experts noted that the entry of aggregators into the market has created a virtuous cycle, enhancing access to credit and debit cards, thus boosting confidence in digital payment products. Education campaigns are essential to overcome the cultural resistance to abandoning cash, as many users remain skeptical of digital systems.
Industry leaders emphasized the importance of reaching out to small and medium-sized enterprises (SMEs) to promote everyday digital payment usage. They pointed out that informal sectors face significant barriers, as many prefer cash to avoid formalizing their economic activities.
Looking ahead, the future of digital payments in Mexico appears promising, with advancements in technology paving the way for faster, safer, and more accessible payment experiences. The STP Summit also introduced MOVIENDOT by STP, a new initiative aimed at fostering entrepreneurship through mentorship and collaboration.
Experts believe that the ongoing digitalization, driven by new regulations and innovative technological solutions, will significantly impact Mexico's economic development.