Mexican FinTech on the rise

Mexican FinTech transactions

will be worth USD$36,439 million in 2018 , estimates Statista , an online statistics, market research and business intelligence portal.

By 2022 , Statista expects that the Mexican FinTech market will double compared to 2018 reaching USD$68,999 million.

This year, digital payments are expected to become the lead payment trends amounting at USD$22,618 million , followed by personal finance at USD$225 million while alternative loans are at USD$ 101 million and alternative financing at USD$ 11 million .

However, Statista estimates that this year there will be 95.3 million users offering FinTech in Mexico over the 90.3 million achieved last year.

Statista

expects that by 2022 there will be 111.6 million FinTech active users in the country.

It should be noted that in Mexico there are 238 FinTech startups distributed in 11 different segments , positioning Mexico as the single largest Fintech market in Latin America, clearly surpassing other leading markets in the region such as Brazil where 230 startups have been developed.

Currently, e-commerce in Mexico faces the limitation of payments by credit or debit card, which can be resolved with FinTech services.

Mexico is close to having a regulation devoted to Fintech, which is a good sign for the sector, according to FinTech developers in the country and outside the country.

Financial technology

( FinTech ) is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services through the use of smartphones for mobile banking and investing services which seek to make financial services more accessible to the general public.

sg