Mexico credit card usage surges driven by fintech growth

Credit card usage in Mexico has seen significant growth, driven largely by the expansion of fintech companies and digital banking. According to data from Banco de México (Banxico), the number of credit cards rose 54% between the third quarter of 2023 and the first quarter of 2026, increasing from 31.7 million to 48.9 million.

Fintech entities have fueled this trend by utilizing digital infrastructure and aggressive risk models to reach previously unbanked sectors. Experts note that these companies can maintain profitability despite higher delinquency rates, sometimes between 15% and 17%, due to the interest rates charged. For instance, Nubank has issued approximately 6 million cards in the country.

While credit card balances in the commercial banking sector grew by 8.2% annually to reach 709,267 million pesos in June, there are rising concerns regarding delinquency rates. Increased spending was particularly notable in categories such as travel, restaurants, and fast food, partly influenced by consumer activity surrounding the 2026 World Cup.