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| Between 2018 and 2024, the number of mobile banking users in Mexico increased by more than 200%. (Source: Retail Banker International) |
The number of digital banking users in Mexico is expected to increase by 11.2% by 2024, bringing the total number of digital banking users in the Latin American country to over 91 million, the highest in the region in terms of user-to-population ratio.
The Mexican Banking Association (ABM) said that from January 2024 to December 2024, digital banking customers in Mexico conducted 5,621 billion transactions, most of which were money transfers, bill payments, and purchases of goods and services.
According to ABM, in 2024 alone, Mexican banks invested 24 billion pesos ($1.2 billion) in expanding and upgrading digital banking technology to provide better customer experiences, including improving security features on mobile applications. Between 2018 and 2024, the number of people using digital banking via mobile increased by more than 200%, while the number of people using banking services via computers connected to the Internet increased by 63%.
Among banks, BBVA México continues to lead in the number of digital banking users in 2024, with 24.4 million users out of a total of 32.2 million customers, up 13.8% from 2023 and accounting for 76% of the customer base of Mexico's largest bank. Meanwhile, Santander México recorded 7.5 million digital banking users, accounting for 70% of a total of more than 10.7 million customers, up 18% from September 2023.
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