Mexico's cash‑driven economy stalls digital‑payment rollout

According to economist César Francisco Duarte Rivera of UNAM, about eight out of ten commercial transactions in Mexico are still completed with cash, far above the 40 % rate in Brazil and the 30 % rate in the United States. The high level of informality, widespread distrust of banks and cards, and limited public understanding of digital‑payment tools keep cash dominant.

The federal government and Banco de México promote digital finance through the Inter‑Bank Electronic Payments System (SPEI) and the Cobro Digital (CoDi) platform, but adoption remains low. Duarte warns that many citizens fear digital systems could become tools for surveillance, even though existing privacy laws protect personal data.

He says tokenisation – converting assets into digital tokens – is the next step for payments, yet Mexico is far from embracing it. Strengthening regulation and preparing supervisory institutions are seen as essential before advancing. Duarte estimates that in five years cash use might fall to around 50 % of transactions, but it will not disappear entirely.