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(EstateNewsWire.com, November 28, 2018 ) In terms of the volume of cards in circulation, debit cards dominate the Mexican card payments channel. The growth of debit cards was fueled by consumer perceptions that they provide controls on spending. Debit cards accounted for 68% of the volume of cards in the channel. Debit cards are used by consumers to shop at retail outlets, withdraw cash from ATMs and make online payments. Debit and prepaid cards are widely used by the government for welfare-related spending, while at a corporate level; charge cards are often used to make purchases as these cards have a fixed payment timeline.
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The prepaid card category has growth prospects and is expected to grow at a forecast-period CAGR of 8%. General-purpose reloadable prepaid cards are popular and are issued by banks such as Banamex, Walmart and Azteca. There is also potential to expand prepaid gift and government payroll cards. Closed-loop cards are popular in transportation. Closed-loop prepaid cards are also issued by retailers for in-store purchases.
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Remittance inflows are expected to serve as a key base for expanding card-based payments. A number of banks such as Banamex and Banorte offer cards for remittances, while money transfer companies such as MoneyGram have developed schemes that facilitate the direct transfer of remittances from the US to Mexico through debit or credit accounts. Remittance inflows provide an opportunity for prepaid cards, such as MasterCard’s MoneySend computer- and mobile-based service that enables prepaid cardholders to transfer funds from the US to Mexico.
Another prospective driver of the cards and payments industry in Mexico is Finca, the country’s microfinance scheme. Established in 1989, the program bases its business in rural areas. Finca clients are issued a Cheque Inteligente prepaid card by HSBC, through which clients can draw down loan amounts according to their requirements. Cards can be used at automatic teller machines (ATMs) and at point of sale (POS) terminals, and are popular among the rural population as an efficient money management tool.
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Abhishek Shukla
+1-888-702-9626
abhishek@marketdataforecast.com
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