- By 2030, 23% of financial transactions in this country will be conducted through mobile devices
- In 5 years, mobile banking adoption has surged by 40%
In an increasingly digitized world, mobile banking stands as the central axis of financial transactions, and Mexico is no exception. According to a recent study presented by BBVA Mexico, operations through mobile devices and applications accounted for 15.7% of total transactions in the country by mid-2023.
Fueled by the rise of mobile internet access, this phenomenon has led to a significant projection: it is expected that by 2025, mobile operations will reach 18.9%, and by 2030, this percentage will rise to 23.1%.
The Federal Telecommunications Institute (IFT) points out that Mexico has 136.4 million active mobile phone lines, a figure surpassing the country’s total population. This massive penetration of mobile telephony has catalyzed the rapid growth of mobile banking, reflected in a 40% increase in accounts linked to mobile phones between the first quarter of 2018 and the third quarter of 2023.
The study reveals that mobile banking adoption varies across the country, with Mexico City leading with 253 mobile services contracts per 100 adults. However, states such as Oaxaca, Zacatecas, Chiapas, and Guanajuato lag in the adoption of this technology. This diversity in adoption presents opportunities and challenges for the financial industry.
The 2021 National Financial Inclusion Survey (ENIF) reveals that mobile banking and other cellphone applications are the preferred means for inquiries or transactions in savings accounts for 54.3% of the population aged 18 to 70. This data reflects a global trend towards the preference for mobile financial services.
Regarding user demographics, the study highlights that 39.6% of individuals with internet access in urban settings use mobile banking, compared to 17.0% in rural environments. Furthermore, the report emphasizes that the population aged 18 to 39 represents the group with the highest use of mobile banking (42.3%), showcasing the preference of younger generations for digital financial services.
The Global Pulse
Globally, the trend is similar, with a steady increase in the preference for mobile banking. In Europe, for instance, it is estimated that 62% of banking transactions are conducted through mobile devices. In Asia, mobile banking adoption has been even more pronounced, with China leading the trend, where 80% of banking users conduct transactions through mobile applications.
As for the future of mobile banking in Mexico, the mentioned report projects even greater expansion with the introduction of new features, such as Google’s digital wallet and the enablement of Dimo (mobile money). These initiatives, combined with strategic partnerships with universities and businesses, aim to further democratize financial services and achieve broader inclusion, especially among students and entrepreneurs.
On a global scale, the trend toward mobile financial services is a reality, and Mexico positions itself as a key player in this financial revolution.
