Payment methods in Mexico

The market

Mexico has three ways to pay online, and a serious checkout needs all of them. SPEI, the central bank’s transfer system live since 2004, moves money between accounts in seconds at any hour and carries about 25% of online payments by value (Banco de México, 2025): the payer transfers to a reference and the provider matches it. OXXO Pay turns the order into a barcode paid in cash at a convenience store, which serves the large unbanked part of the market: about 15% of online payments by value (AMVO, 2025). Visa and Mastercard cover the banked, often with months without interest, and Mercado Pago is the wallet shoppers already have from the marketplace. Banco de México oversees SPEI and the payment systems; the CNBV licenses fintech companies under the 2018 Fintech Law.

How Tranzify clients launch

A client enables Mexican providers from the catalogue — Conekta or Openpay for SPEI and OXXO, dLocal or EBANX for SPEI, OXXO and Mercado Pago with cross-border settlement — under its own contracts and licence; Mercado Pago is enabled on a client’s request, and cards go through an acquirer the client adds from the catalogue. The checkout shows SPEI and cards to banked payers and OXXO to everyone else; routing by method and amount picks the provider, and a card decline cascades to SPEI on the same page. SPEI references and OXXO barcodes stay open until paid, so the orchestration waits for the provider’s confirmation and calls the webhook when the money is in. Every payment is journaled for five years. Mexico is live in the catalogue.

SPEI and OXXO

SPEI is instant both ways: it takes deposits and carries payouts to any Mexican account through Openpay, dLocal or EBANX, with no chargebacks. OXXO is cash, final when paid, settled at T+1 and without refunds through the store; a refund goes back to the payer by SPEI through the provider.