Population
133M
Online Population
100.6M
Currency
MXN
Population - 133M
In 2026, 82.2 % of Mexico’s population lived in urban centres, whereas 17.8 % lived in rural areas.
Internet penetration - 83.5%
There were 110 million internet users in Mexico in January 2026.
Mexico has emerged as one of Latin America's most dynamic fintech markets, powered by a rare combination of scale, unmet demand, and regulatory foresight. Home to more than 130 million people and deeply connected to the US economy, the country has become a fertile testing ground for digital financial services spanning payments, lending, wealth management, insurance, and remittances.
The sector's growth is being driven by three powerful forces. First, the rapid digitisation of everyday commerce, supported by payment providers such as Clip and Mercado Pago, which have helped small merchants accept digital payments through mobile card readers, QR codes, and digital wallets. Second, the modernisation of financial infrastructure through systems such as SPEI and CoDi, enabling real-time account-to-account payments across the country. Third, the growing integration of financial services into digital platforms, with companies like Mercado Pago combining payments, savings, lending, and merchant services within a single ecosystem.
The market is also producing specialised champions. Konfío provides working-capital loans and financial tools to SMEs, while Bitso has become one of Latin America's leading crypto and cross-border payments platforms and a remittance flows facilitator between the United States and Mexico.
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OXXO: Minimarkets as cash-to-digital gateway
In Mexico, OXXO — a nationwide network of small convenience stores found on almost every street corner — plays a structural role in the financial system by turning cash into digital money.
Consumers can go to Oxxo to pay cash online purchases, or to top up digital wallets or to repay loans in cash, then merchants and fintech platforms receive funds digitally through banking rails.
While OXXO effectively converts offline cash liquidity into digital financial activity, it ****allows fintechs (wallets, lenders, marketplaces) to reach users without requiring a bank account.
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Mexico’s banking sector is highly concentrated, with a small number of large universal banks dominating deposits, lending, and corporate finance. The system is led by major institutions such as BBVA México, Banorte, Santander México and Citibanamex, which collectively shape the country’s retail and SME banking landscape.
In recent years, they have accelerated digital transformation through mobile banking apps, instant transfers via SPEI, and expanded API-based partnerships with fintechs, particularly in payments and SME services.