5 trends that will change the way electronic payments are made in Mexico

From transfers via SPEI to the use of artificial intelligence, these are trends that will transform the way payments are made.

Digital transformation continues to revolutionize the world of electronic payments. From new technologies to changes in consumer habits.

Although the era in which the use of cash is only a memory, the businessman points out that the truth is that its use will decrease, derived from the new forms of electronic payments that are being driven by technology.

Statista data reveals that in Mexico, in 2023, a total of 18 million users were registered in the digital payments segment; while in 2027 the figure will reach 21 million.

Technological innovation is redefining the electronic payments landscape, offering new opportunities and improving the user experience. This advance is marking a significant change in the way people and companies carry out transactions, driving greater efficiency and security in the payment process.

These are the five trends that promise to revolutionize the digital payments landscape:

Electronic transfers via SPEI

The Interbank Electronic Payment System (SPEI) has shown constant growth in online commerce, with a 40% increase between 2023 and so far this year.

This trend indicates that electronic transfers are positioning themselves as the natural substitute for cash, especially in online commerce transactions.

The use of SPEI is expected to continue to rise, reducing the dependence on cash without eliminating its relevance.

Information from the National Banking and Securities Commission (CNBV) reveals that in 2023, the most common digital payments among Mexicans were the use of credit cards and electronic payments or transfers (SPEI).

Payment links

As the use of mobile phones for purchases continues to increase, payment links are gaining ground against other forms of digital payment.

These links allow users to make payments through links shared on messaging apps like WhatsApp, offering a smoother and more reliable experience on mobile devices.

This method is consolidating as a more practical and accessible solution, surpassing alternatives such as QR codes.

Notificaciones push

Although in the past there have been attempts to promote the use of QR codes as a payment method, their adoption has been limited, especially in markets with a high dependence on cash, such as Mexico.

In addition, their adoption in the main medium, smartphone, is difficult to apply, losing a large part of the current flow of consumption. On the other hand, the use of CoDi or DiMO, all based on push notifications, offers a safe, digital experience that is already known to the population.

Account to account payments

Direct payments between accounts are gaining popularity due to the predictability and security they offer both businesses and consumers.

This trend is being driven by the ability of businesses to predict and secure funds through more direct and personalized collections.

The technological advances around this phenomenon in the region and the possibility of being applied in a multitude of contexts, including the financial one, make it an option to promote and follow.

Learning models and AI applied to account collections

The integration of artificial intelligence in collection systems is revolutionizing the way businesses interact with their users.

Giving businesses the ability to manage recurring collections that they must apply to their customers and being able to have access to their collection and payment behavior is key to increasing the collection rate on the first attempt and in turn reducing the risk of chargebacks or service interruptions, improving the end-to-end consumer experience.

Knowing and anticipating these trends is like having a map in a constantly changing territory. It is no longer just about paying, but doing so in a safe, efficient and aligned way with the expectations of a digital generation. Whoever masters these new forms of transaction will not only make the lives of their customers easier, but will also be one step ahead in the race for innovation.

by Redacción Tekios