1/9/2024 - Technology and Innovation

Mexico is one of the world's largest digital portfolio adoption countries

By Melisa Murialdo

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In the countries, 70% of the US CONSUMERS A VARIAS _

billeteras digitalesThe Covid-19 brought with it a path to the digitization that becomes increasingly present in the everyday life of many people and an example of this is the arrival of digital wallets. These mobile applications allow to carry out several financial operations, how to manage money, make payments without money or cards and even in some countries, offers the possibility of granting personal loans.

In this context, a Study conducted by Capterra -Referred worldwide in the search for software for companies - determined that Mexico is the country that most adoption has digital wallets With 70%, followed by 57% by the UK, 56% by Spain, 53%, Australia and 33 and 30% by Germany and France, respectively.

In this research participated 6034 individuals from Australia, Germany, Spain, France, Mexico and the United Kingdom, who should meet requirements such as: be 18 years or older, reside in one of the named countries and be user of a smartphone.

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  • Mexico, 70%
  • United Kingdom, 57%
  • Spain, 56%
  • Australia, 53%
  • Germany, 33%
  • France, 30%
Among the results, 31% of the French interviewees were not interested in

MORE FUNCTION USED FOR MEXICALS

Besides, 91% of respondents in Mexico stated that they use digital wallets to make payments.

In Mexico, virtual wallets are practically used exclusively to make payments, leaving them in a good position for business. The other functions are in the first stages of adoption, which implies opportunities to develop in these areas:

  • Record an official identification,
  • access credential,
  • event tickets or
  • transport
Mexico and France are the countries that have the most confidence to financial companies regarding the protection of their data, both with 54%. On the contrary, those who most believe that financial companies do not do enough are Spain and Australia, with 32% and 24% respectively.

Most Mexicans who use digital wallets do this after pandemic, because this forced them to leave the money and prefer this means of payment. In detail, 41% have less than a year using this technology, 33% have between 1 and 2 years and only 26% used them before Coronavirus.

8 CAD 10 MEXICAN USERS OF VIRTUAL BILLETERS are MANORES OF 35 YEARS

Adoption of digital wallets is more present in young and adult, because 78% of users of smartphones Between 26 and 35 years, he assured that he had this method of payment, while 74% of consumers aged 36 to 45 also use it, an equal value of high.

In addition, in the report “Use and Digital Coin Trends: The wallet Mexico 2022”, which counted on 1,000 participants over 18 years familiar with the digital portfolio concept; 695 showed that they use them; 630 use them as credit or debit card To make payments.

In this line, 82% indicated that they have credit or debit cards configured as a digital wallet.

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What are the digital favorite wallets are:

  • Paypal with 65%,
  • Applications of a local bank (21%) and
  • Apple Pay (5%)
which exceed in preferences to Google Wallet and Samsung Pay.

EXPENDITURE WITH VIRTURE BILLETERS

But where do Mexican consumers spend this kind of financial tool? 28% use them to buy food, 27% in retail trade, 22% in bars and restaurants and 6% to pay public transport.

Although the money remains the most widely used means by users, 67% said they have a very high degree of control over their expenses when using a digital wallet, followed by 60% that is in favor of bank transfer and 56% of credit or debit cards with PIN or subscription.

According to the analysis, 72% of respondents felt that digital wallets offer more control over your identities, because they facilitate verification by using a smartphone. However, 28% believe that your personal data is shared with another company and are under control and 38% feel that the government does not regulate how it stores and uses the information it is in.

It should be noted that digital wallets offer a lot of security for those who use them, since It is not necessary to take money that could be stolen, something that is valued by consumers. In fact, if the person loses their phone, they can access their wallet by logging into a new device.

In addition, to prevent unauthorized purchases, there are also several types of authorization, such as a PIN or biometric digitalisation of the digital footprint.

billeteras digitales

PROJECTIONS FOR THIS 2023

There is no doubt that the positioning of digital banking in Mexico, although, as in the whole sector, innovations do not cease to arise, so it is necessary to implement new ideas and projects to remain competitive in this market.

In that sense, Veritran, a company dedicated to the supply of solutions for the digital banking, did a study where he identified the trends for the Mexican banking in 2023. Inside them are:

  • the wallets for young,
  • the Universal Bank,
  • the digital onboarding,
  • security of transactions and
  • tokenization of payments
In view of this, the company highlighted that, in the case of young wallets, there is an important opportunity for growth, because it is focused and designed to offer products specifically to this demography.

In this way, the height and popularity of digital wallets made this method come to stay and renew, leaving behind the traditional conception of money administration and betting on a technology that for many is safer and more practical.

Credits:

Edition: Analyst Accountant Melisa Murialdo Information Sources: Capterra MX Software Blog, MT MX Financial Education Blog, Blog Banca and Fintech Techtegia MX, Digital Veritran Banking Platform

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melisa murialdo

Melisa Murialdo

Hi, my name is Melisa Murialdo, I'm a Public Accountant at the National University of Córdoba. I have a Diploma in Digital Marketing, Social Media and Electronic Commerce from the Technological University of Buenos Aires. In addition to this, I am an Analyst for statistical data and economic reporting from the Latin American region.

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