Mexico Business & Finance News

Puerto Vallarta • Riviera Nayarit 

  News &
Politics
Issues &
Opinions
Business &
Finance
Health &
Evironment
Lifestyle &
Entertainment
Travel &
Outdoors
Science &
Technology

90 Percent of Consumer Transactions in Mexico Still Being Paid Using Cash

PYMNTS
go to original
April 14, 2017
Share



To download the analysis, click here (PDF)

Wasn’t eCommerce supposed to be the death of cash? In Mexico, as it turns out, that hasn’t been the case.

With nearly 90 percent of consumer transactions still being paid using cash, eCommerce merchants like Amazon and Linio are coming up with creative ways to cater to a market where consumers continue to pick cash over cards.

Six months after Amazon’s launch in Mexico, the company began selling gift cards at convenience stores to tap into cash-loving consumers who would rather not pay with their credit or debit cards.

Meanwhile, Linio, the largest eCommerce company in Latin America now lets consumers shop online and then pickup and pay for products in cash at Oxxo stores, the largest c-store chain in Mexico. And Walmart also seems to have adopted a similar strategy. The retailer woos online shoppers without access to credit cards to pay for their purchases at physical store locations.

The payment strategy of these three retailers align with the findings of the new PYMNTS.com Global Cash Index Mexico Analysis. The report reveals that Mexico continues to use more cash than any other country in the Americas. And while the slow but constant growth of alternate forms of payment have contributed to a decline in cash’s growth, cash usage is still projected to grow by 3.1 percent between 2015 and 2020.

Here are some other key takeaways from the report:

  • As of 2015, cash usage in Mexico as a percent of its gross domestic product (GDP) stood at 26.7 percent.

  • In the past 10 years, much of the reduction in cash usage in Mexico has come from a decline in over-the-counter (OTC) withdrawals, which decreased from $147.8 billion in 2006 to $132.2 billion in 2015. Meanwhile, use of ATMs for cash withdrawals spiked during the same period.

  • Mobile payments are projected to make a splash in urban areas. The country has the third highest usage in Latin America.

Read the rest at PYMNTS


We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!

CHARITY ALERT Ecological Group of Costa Verde Still Needs Turtle Program Volunteers

A real need: We are very short of several volunteers from August 11th through September 21st; if you can lend a hand please let us know.

We have about 38 weeks of open rooms available for anyone that may be interested in joining us this summer (couples or individual).

Click here to see how you can help

Meet the Charities

Community Services

Environmental

Animals & Wildlife

Health Care

Youth & Family

Education

Culture & Recreation

Special Interests

How You Can Help

Use Your Powers for Good

Add Your Favorite Charity

Save a Life - Give Blood

 

Partners for Change

Meet the Partners

Become a Partner for Change

Stay Connected

Find PVAngels on Facebook Follow PVAngels on Twitter Sign up PVAngels Newsletter RSS Feeds on PVAngels


Resources

About PVAngels

Add Your Charity

Add Your News & Events

Locate Yourself on Our Maps

Jobs - Join PVAngels Team

About Puerto Vallarta

Puerto Vallarta Local News

Local Event Calendar

Puerto Vallarta Videos

Puerto Vallarta Photos

Historic Puerto Vallarta

Local Area Maps

Important Phone Numbers

Craig's List in Puerto Vallarta

News Around Mexico

Mexico Issues & Opinions

Mexico Business News

Mexico Evironmental News

Lifestyle & Entertainment

Mexico Travel & Outdoors

Science & Technology News

Mexico News & Travel Videos


FAIR USE NOTICE: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance a more in-depth understanding of critical issues facing the world. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 USC Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information click here. If you wish to use copyrighted material from this site for purposes that go beyond 'fair use', you must obtain permission from the copyright owner.

m3 • local actions from global awareness