Mexico | Do MSMEs with digital payments drive financial inclusion?

Summary

This press release aims to argue why the adoption of digital payments by MSMEs in Mexico could serve as an essential strategy for achieving greater financial inclusion among the population.

Key points

• Key points:
• In 2024, 63.0% of adults in Mexico have a formal savings account, and only 15.7% hold a bank-issued credit card. However, approximately 85.2% of adults still use cash as their primary means of payment for purchases under 500 pesos (a trend that is more pronounced in rural areas).
• While progress has been made in the acceptance of financial products as means of payment, it cannot yet be said that the ecosystem is fully permeated by these practices. For example, in 2024, only 45.5% of adults believed that transfers or card payments were accepted in all or almost all of the places where they shopped.
• According to the 2024 Preliminary Results of the Economic Censuses (CE), in 2023 Mexico had approximately 5.5 million economic units, of which 99.8% were MSMEs. These businesses accounted for 70.7% of total employment.
• In 2023, only 13.5% of micro, 51.1% of small, and 43.1% of medium-sized enterprises accepted credit or debit card payments.
• Promoting the adoption of digital payments among MSMEs (including services provided by various levels of government) is not only a viable strategy but also a necessary condition for closing the gap between access to and effective use of financial products.

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