Cash remains dominant payment method in Mexico

Despite substantial fintech investments, cash continues to reign supreme in Mexico, driven by a deeply ingrained culture of using physical currency and widespread economic informality. Even major tech companies like Uber faced challenges integrating digital payments upon their arrival, as many consumers lacked bank accounts or preferred not to use cards. This persistent reliance on cash highlights a significant barrier for digital payment adoption and presents a unique market dynamic for financial technology firms operating in the country. The preference for banknotes and coins underscores the ongoing influence of traditional financial habits over modern digital solutions.