Increasingly positive business prospects in Mexico
Processing locally enables you to reap ever-increasing benefits in the high growth Mexican market.
Debit cards are an equally common online payment method as cash. Nearly all debit cards in Mexico are enabled for online purchases and have a CVV, a factor that is uncommon for the rest of Latin America. Only local acquirers are able to process local debit cards, though.
Although credit card penetration accounts for nearly 50% of the entire market Mexican consumers are wary of using their credit cards to make online purchases due to the higher than average fraud rates.
With only 48% of the payment methods enabled for cross-border transactions, a very sparse credit card penetration and an abundance of alternative payments available, it is crucial for merchants to process payments locally.
PayU has been operating in Mexico for over 11 years and fully understands the challenges and opportunities in this dynamic market. What might be considered a small shadow over the amazing potential in Mexico is the high levels of online fraud that the market experiences, creating a lot of concern for merchants and consumers alike. Working with local experts who recognize the characteristics of the Mexican market, like PayU, can help merchants establish successful business and guarantee high approval rates, while minimizing fraud. PayU allows merchants to process local payments, including interest free instalments and alternative payments, to optimize merchant success in Mexico.
Payment Methods Available in Mexico With PayU
Credit and Debit Cards