Mexico: Latin America´s prodigy with the fastest ecommerce growth
The second largest market for e-commerce in Latam, right after Brazil, can reach $11 billion in e-commerce sales in 2018 alone. According to the Business Insider, it is also expected to register a growth of 15.6% by 2019.
No doubt that promising winds for e-commerce are coming from Latin America, from countries such as Brazil, Argentina and Chile. We – at BoaCompra – already shared these markets insights and the most popular payment methods here, but now it is time to talk about Mexico. With 130 million inhabitants and a GDP of USD $987.3 billion (GDP of $7,993 per capita) in 2017, this is a market to keep your eyes on.
Major internet players, for example, have already set their eyes in the Mexican market, launching fully localized sites and services in Spanish, including in some cases local payment options and its expected that more known internet players will follow in the next year.
The optimistic projections reflect a reality which Business Insider stated recently: “(…) we expect Mexico's share to increase to 15.6% by 2019. By 2018, Mexico is forecast to reach $11 billion in e-commerce sales”, states the report. There are several cash payment methods and its capillarity reach areas that banks still don’t work. 7Eleven, Oxxo and Farmacias are good example of commercial addresses that are used as points of sale for online cash payments.
Mexico has been the first market to create specific laws to regulate fintech’s reach. This important step was crucial to boost the local digital market and “we are glad that one of our local partners was part of these decisive meetings with authorities and payments players”, states BoaCompra Payments Director, Fernando Estevez.
With BoaCompra merchants can:
- Sell to 70 million Internet users, accounting for 55% of the Mexican population;
- No charge-backs with 100% coverage for all transactions;
- Have 31 different local payment methods;
- Over 12000 Points of Sale across the country.
- No need to deal with local taxes and additional fees;
- Sell in Mexico without a local bank account or company registration and get paid anywhere in the world.
Why sell in Mexico?
*Data from 2016 THE LATIN AMERICA E-COMMERCE REPORT by Business Insider.
- In 2016, 49.7 million people made at least one purchase;
- 60% of online consumers have made purchases in foreign virtual stores;
- 90% of Mexican Internet users have access on multiple devices, with at least one PC/notebook and one smartphone.
Payments accepted in Mexico
Local Credit & Debit Cards
Customers can pay with locally issued credit and debit cards.
There are more than 18,000 points of sale, offering total coverage for non-bank users.
Integration with e-Wallet
Accept payments with e-Wallets such as Go4gold, PayPal and Paysafecard.
Online Bank Transfer
We have the best coverage for local banks to make it easier for your users to pay in Mexico.