Record Surge in Card Payments During November: 21% Increase!
Payments made with credit and debit cards hit a historic high in November, driven by the shopping event known as Buen Fin. In total, there were 877 million transactions using cards in November, representing a 21% growth compared to the same month last year, according to a report from Banco de México (Banxico).
November 16 was the busiest day, with 35.3 million transactions, followed by November 30 with 33.8 million. November 17 and 18 also stood out with 33.5 and 33.3 million payments, respectively. There has been consistent double-digit growth in card usage over the past year, thanks to greater availability of cards in the market. Of the 877 million purchases made in November, 71% were with debit cards and 29% with credit cards. There are currently around 39.9 million credit cards in Mexico, of which 33.8 million (84%) are from banks; regarding debit cards, the figure reaches 194.9 million, according to data from Banxico and the National Banking and Securities Commission (CNBV). There are currently no official figures on how many of these cards belong to Sofipos and fintechs. It is also noted that 61% of the credit cards issued in the country are Visa, while 13.5% are Mastercard, according to CNBV figures. The 2024 Annual Financial Inclusion Report from the CNBV mentions that, internationally, Mexico is one of the countries with the fewest card transactions. On average, Mexicans make 53.5 payments, compared to Argentina, where the average is 107.2, and in Brazil, 227.9 payments. This gap widens further when compared to countries like the United Kingdom, where adults make 516 transactions, and in Canada, 393.5 transactions.
Where Are Cards Used the Most in Mexico? Between January and November of this year, Mexicans primarily used their cards at retail stores, accumulating over 1.6 million operations. However, the highest percentage growth in payments has been seen in parking lots, food courts, and convenience stores. ______ If you’re looking to boost your business, in this episode of Cuéntame de Economía, you'll find valuable recommendations ______ The upward trend in card payments in Mexico is a clear indicator of the increasing digitalization of the economy and greater convenience for consumers. However, it's interesting to observe the gap in card usage compared to other countries. Promoting greater financial education and encouraging the safe use of these tools could be key to closing this gap and making the financial system more inclusive.
