Payment Providers in Mexico
Mexico's payment landscape combines strong card adoption with two unique local methods: SPEI (instant bank transfers, similar to Brazil's PIX) and OXXO cash vouchers (used by the ~50% of Mexicans who are underbanked). E-commerce merchants serving Mexico must support all three to capture the full market.
Key payment methods in Mexico
The local rails merchants must support to convert Mexico customers.
About payments in Mexico
What is SPEI and how does it work?
SPEI (Sistema de Pagos Electrónicos Interbancarios) is Mexico's instant interbank payment system run by Banco de México. It settles in seconds and is widely used for e-commerce, B2B and high-ticket purchases — fees are typically 0.5-1% vs 3-4% for cards.
Why is OXXO so important for Mexican e-commerce?
Around 50% of Mexican adults are underbanked. OXXO is Latin America's largest convenience store chain — customers complete online checkout, receive a voucher, pay cash at any OXXO. Conversion can be 15-30% of orders depending on category and demographic.
Do I need a Mexican entity to process payments in Mexico?
Domestic processing typically requires a Mexican entity (RFC) and MXN bank account. However, many international PSPs offer Mexico local acquiring through partnerships or Merchant of Record services for foreign sellers.