Mexico
Mexico
Population
Banked population
BC2 e-commerce
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:
| Peyments gateway | Rate | Fee | Country | Currency | Website |
|---|---|---|---|---|---|
 Paykassma | 1000$ | Mexico | USD | Open |
Mexican Online Payment Systems
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.
BBVA
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.
| Characteristic | Value |
|---|---|
| Setup fee | 25 EUR |
| Requirements | You need to have a BBVA bank account |
| Accepted methods | Credit/debit cards, bank transfers |
| Available countries | Mexico, Spain, Turkey, Peru, Columbia |
| Supported currencies | MXN, USD, EUR |
| Setup fee25 EUR | |
| RequirementsYou need to have a BBVA bank account | |
| Accepted methodsCredit/debit cards, bank transfers | |
| Available countriesMexico, Spain, Turkey, Peru, Columbia | |
| Supported currenciesMXN, USD, EUR |
Pros
- High level of security
- Convenient mobile application
- Wide network of ATMs
Cons
- High fees for international transactions
- A bank account is required
Mercado Pago
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.
| Characteristic | Value |
|---|---|
| Setup fee | Up to 4.99% |
| Requirements | Mercado Libre account is a must |
| Accepted methods | Credit/debit cards, cash, wire transfers |
| Available countries | Mexico, Argentina, Brazil, Peru, Chile, Uruguay |
| Supported currencies | MXN, USD |
| Setup feeUp to 4.99% | |
| RequirementsMercado Libre account is a must | |
| Accepted methodsCredit/debit cards, cash, wire transfers | |
| Available countriesMexico, Argentina, Brazil, Peru, Chile, Uruguay | |
| Supported currenciesMXN, USD |
Pros
- Wide availability in the country
- Ease of use
- Good mobile version
Cons
- Limited support for foreign cards
- Commissions for some transactions
OpenPay
OpenPay is a modern processing platform that offers modern solutions for your business. It provides flexible integrations and access to various means.
| Characteristic | Value |
|---|---|
| Setup fee | None |
| Requirements | Registered business entity |
| Accepted methods | Credit/debit cards, cash, wire transfers |
| Available countries | Mexico |
| Supported currencies | MXN |
| Setup feeNone | |
| RequirementsRegistered business entity | |
| Accepted methodsCredit/debit cards, cash, wire transfers | |
| Available countriesMexico | |
| Supported currenciesMXN |
Pros
- High degree of customization
- Wide choice of means
- Easy integration
Cons
- Difficulty with setup for beginners
- High transaction fees are possible
PayU
PayU is an international provider that offers processing services in Latin America and beyond. It is great for both small and large businesses.
| Characteristic | Value |
|---|---|
| Setup fee | 3% |
| Requirements | Registered business entity in Mexico |
| Accepted methods | Credit/debit cards, e-wallets, wire transfers |
| Available countries | Mexico, Argentina, Brazil, Colombia, India |
| Supported currencies | MXN, USD |
| Setup fee3% | |
| RequirementsRegistered business entity in Mexico | |
| Accepted methodsCredit/debit cards, e-wallets, wire transfers | |
| Available countriesMexico, Argentina, Brazil, Colombia, India | |
| Supported currenciesMXN, USD |
Pros
- Flexibility in payment methods
- Ease of use
- Support for international operations
Cons
- Commissions for international transactions
- Processing delays are possible
Paykassma
Paykassma is a global payment aggregator that facilitates seamless online transactions for businesses and consumers in Mexico.
| Characteristic | Value |
|---|---|
| Setup Fee | None |
| Requirements | Registered business and KYC documentation |
| Accepted Methods | Visa, MasterCard, bank transfers, SPEI |
| Available Countries | Multiple countries, including Mexico |
| Supported Currencies | MXN, USD, EUR, GBP, AUD, BDT, BRL, INR, IDR, MYR, NPR, PKR, PHP, PLN, LKR, THB, VND |
| Setup FeeNone | |
| RequirementsRegistered business and KYC documentation | |
| Accepted MethodsVisa, MasterCard, bank transfers, SPEI | |
| Available CountriesMultiple countries, including Mexico | |
| Supported CurrenciesMXN, USD, EUR, GBP, AUD, BDT, BRL, INR, IDR, MYR, NPR, PKR, PHP, PLN, LKR, THB, VND |
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
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.
