Mexico

The e-commerce market is a special area of the digital economy. It covers financial and trade transactions that are carried out with computer networks. Today, the e-commerce sector in Mexico is only developing. Let’s talk about the main points:

• In 2023, the volume of the Mexican e-commerce market reached US$47 billion. By 2026, its growth is projected to reach US$176.8 billion.
• Mexicans annually purchase goods and services abroad worth more than US$5 billion.
• Cards are used in only 27% of online transactions. Cash makes up 10%. The remaining 63% are paid with digital methods.
• Popular Mexico payment methods include Akurateco, OXXO, PayPal, Mercado Pago, Visa and Mastercard cards.

All these solutions are equally used.

Primary Numbers about Mexico Payment Systems

• Population: US$127 million
• Online population: 76 million
• Banked population: 47%
• Credit card population: 27%
• BC2 e-commerce: US$47 billion
• E-commerce of Total Retail: 4%

What is an Online Payment System Gateway?

It is a special technology that enables secure processing of payment methods online. The gateway acts as an intermediary between the buyer and the seller. It encrypts sensitive data (such as credit card details) and securely transmits it to the seller. When the customer initiates a transaction, the gateway verifies, approves the operation and communicates with the bank. The gateway supports various payment methods, such as credit/debit cards, digital wallets, and bank transfers.

The process is as follows: the customer enters their details, the gateway transmits the information to the services for verification. Next, the banking system confirms or rejects the transaction and gives a response to the seller and the buyer. This entire process takes only a few seconds.

Gateways use modern encryption technologies to minimize the risk of fraud.

Things to Review When Selecting a Mexico Payment Gateway

The right Mexico payment gateway will help your business ensure security and convenience for customers. Here are some factors to consider.

✅ Fraud protection solutions

This factor should be your top priority.Check if the gateway is PCI-DSS compliant, has SSL encryption and tokenization. These measures help protect paying data from fraud and cyberattacks. Also, make sure that the gateway provides chargeback protection and mechanisms to identify suspicious transactions.

✅ Compatibility with eCommerce websites

Considered a gateway must integrate easily with your eCommerce platform. Easy integration will save you a lot of technical hassle.Choose a gateway that supports popular platforms like Shopify, WooCommerce, Magento and more. This allows your store to run smoothly.

✅ Fees and Costs

Gateways often charge various transaction fees, monthly fees and currency conversion fees. Carefully study the cost structure and choose one that fits your business budget. Also, consider international transaction fees if your business works with international customers.

✅ Multicurrency support and international operations

If you plan to accept payments from international customers, make sure your gateway supports multi-currency operations. This will allow your customers to pay in their preferred currency and you to receive funds in the currency you need. Some gateways offer extensive international transaction capabilities.

✅ Customer support

Transaction issues can arise at any time. It is important to have quick access to professional customer support.Ensure your gateway offers 24/7 phone, email, or live chat support. This will allow you to quickly resolve transaction issues and provide the best service to your customers.

Best Mexico Payment Gateways

There are many different systems, both white label and custom. Each of them offers its own unique features and capabilities. We have compiled a list of the best online payment systems especially for you. They will help you make the transaction process fast and secure:

• BBVA;
• Mercado Pago;
• OpenPay;
• OXXO;
• PayU;
• SPEI.

To choose the right gateway for your business, be sure to consider security options, ease of integration, and customer support.

🔥 BBVA

Website:https://www.bbva.es/

BBVA is the largest bank merchant in the country, which offers a wide range of financial services. The bank has a developed infrastructure and a convenient mobile application. Such qualities guarantee convenience for each user.

Main features

• Online banking;
• Mobile transactions;
• Credit and debit cards;
• Integration with online stores.

Advantages

• High level of security;
• Convenient mobile application;
• Wide network of ATMs.

Disadvantages

• High fees for international transactions;
• A bank account is required;

Setup fee

The setup fee for this bank is up to EUR 25.

Requirements

The main requirement is to have an account with BBVA.

Accepted methods

The bank accepts credit/debit cards and bank transfers as payment methods online.

Available countries

BBVA is available in Mexico, Spain, Turkey, Peru and Columbia.

Supported currencies

Available currencies include MXN, USD, EUR.

🔥 Mercado Pago

Website:https://www.mercadopago.com.ar/

Mercado Pago is a popular system in Latin America that allows users to make purchases and send money quickly and easily. The platform also offers a unique buyer protection system.

Main features

• Paying in physical stores and online;
• QR codes for quick transactions;
• Lending in the Mexico payment system;
• Purchase protection.

Advantages

• Wide availability in the country;
• Ease of use;
• Good mobile version.

Disadvantages

• Limited support for foreign cards;
• Commissions for some transactions.

Setup fee

The setup fee for Mercado Pago reaches up to 4.99%.

Requirements

The main condition is to have a Mercado Libre account.

Accepted methods

Ways to pay include credit and debit cards, cash, bank transfers.

Available countries

The payment system is available in Mexico, Argentina, Brazil, Chile, Peru, Uruguay.

Supported currencies

The Mercado Pago supports MXN and USD.

🔥 OpenPay

Website: https://openpay.al/site/

OpenPay is a modern processing platform that offers modern solutions for your business. It provides flexible integrations and access to various means.

Main services

• Variety of paying methods;
• API for developers;
• Subscription management tools;
• Integration with online stores.

Advantages

• High degree of customization;
• Wide choice of means;
• Easy integration.

Disadvantages

• Difficulty with setup for beginners;
• High transaction fees are possible.

Setup fee

The setup fee for OpenPay is absent.

Requriements

The main requirement for users is a registered Mexican business.

Accepted methods

OpenPay accepts Credit and debit cards, cash and bank transfers.

Available countries

This online payment system is available in Mexico

Supported currencies

OpenPay accepts MXN as a currency.

🔥 OXXO

Website:http://www.oxxo.com

OXXO is a chain of stores that offers orchestration services for various goods and services through its terminals. You can also make cash operations in OXXO stores.

Main features

• Cash operations;
• Convenient location in each area;
• Support for various services.

Advantages

• Availability in most cities;
• Ease and speed of transactions;
• No need for a bank card.

Disadvantages

• Limited options for online paying;
• Physical presence is required.

Setup fee

There is no setup fee.

Requirements

There are special requirements in OXXO.

Accepted methods

The chain of stores accepts only cash, and there are no payment methods online.

Available countries

The system is available in Mexico.

Supported currencies

OXXO accepts MXN currency only.

🔥 PayU

Website:https://corporate.payu.com/

PayU is an international provider that offers processing services in Latin America and beyond. It is great for both small and large businesses.

Main features

• Support for multiple currencies;
• Instant operations;
• Integration with online stores.

Advantages

• Flexibility in payment methods;
• Ease of use;
• Support for international operations.

Disadvantages

• Commissions for international transactions;
• Processing delays are possible.

Setup fee

The setup fee for this Mexico payment method reaches 3%.

Requirements

The main requirement is to have a business in the country.

Accepted methods

The platform accepts credit and debit cards, e-wallets and bank transfers.

Available countries

PayU is widely distributed in Mexico, Argentina, Brazil, Colombia, India and other countries.

Supported countries

The available currencies are MXN and USD.

🔥 SPEI

Website:https://www.banxico.org.mx/servicios/spei_-transferencias-banco-me.html

SPEI (Sistema de Pagos Electrónicos Interbancarios) is an interbank transfer system. It allows you to quickly and securely carry out transactions between banks.

Main features

• Fast transfers between banks;
• Support for real-time transfers;
• Convenience for businesses and individuals.

Advantages

• High transfer speed;
• Minimal fees;
• Transaction security.

Disadvantages

• Limited availability in other countries;
• Requires a bank account.

Setup fee

There is no setup fee for this online payment system.

Requirements

The main requirement for users is to have an account in a Mexican bank (the system will request information about it).

Accepted methods

The system accepts bank transfers.

Available countries

The system is available in Mexico

Supported currencies

SPEI accepts MXN as a currency.

🔥 Paykassma

Website:paykassma.com

Paykassma is a global payment aggregator that facilitates seamless online transactions for businesses and consumers in Mexico.

Main Features

• Provides access to over 100 local payment methods, including SPEI, ensuring customers can pay using their preferred options.
• Offers a T+0 settlement period, granting immediate access to funds without holds or rolling reserves, crucial for maintaining cash flow.
• Employs advanced fraud detection and prevention measures, including real-time monitoring and encryption, to protect businesses and customers from fraudulent activities.
• Provides easy integration with various e-commerce platforms and shopping carts, ensuring a smooth and hassle-free process.

Pros

• Achieves a 99.9% payment success rate, significantly enhancing conversion rates.
• Excels in providing services to high-risk industries, ensuring all businesses have access to reliable payment processing solutions.
• Does not impose rolling reserves or chargebacks, allowing immediate access to all funds.

Cons

• Some local payment methods may not be supported.
• Certain transactions may incur higher fees, particularly for currency conversion and withdrawals.

Setup Fee

—

Requirements

• Registered business entity
• Completion of Know Your Customer (KYC) process

Accepted Methods

Visa, MasterCard, Bank transfers, SPEI

Available Countries

120+ countries, including Mexico

Supported Currencies

MXN, USD, EUR, GBP, AUD, BDT, BRL, INR, IDR, MYR, MXN, NPR, PKR, PHP, PLN, LKR, THB, VND

6 Best Mexico Payment Gateways To Consider

Especially for you, we have structured the popular routing methods in a table. Check it out to understand which system is right for your business:

Each of these payment methods online offers different opportunities. Assess your business potential to choose the right system.

Conclusion

The Mexican e-commerce market continues to gain immense popularity.Every private entrepreneur can use the services of the best payment systems — BBVA, OpenPay and others. They all have their own qualities and user orientation. Some systems offer convenient work with banks, while others are digital and guarantee anonymity. Correctly assess the requirements of your business and target audience of consumers to choose the best system for yourself.

FAQ

What is a payment gateway?

A payment gateway is a service that processes online operations and securely transmits transaction information between users. The gateway encrypts your system’s sensitive data and ensures a secure transaction.

Is Google a payment gateway?

Google itself is not a gateway. However, it provides a service called Google Pay. It is a digital wallet and a convenient way to pay for goods and services.