Mexico is a country in Latin America with a population of 129 million, and a rapidly growing economy with a current GDP of USD 1.42 trillion. The country has a robust tech economy and talent pool as reflected in a booming number of tech startups.
The penetration of credit cards in the country is 12% and their usage is widespread, though more popular in higher income segments. While debit cards are more in number, they are primarily used for cash withdrawal or utility purchases.
Alternate payment methods are very popular in Mexico with Oxxo and SPEI widely prevalent. SPEI (Sistema de pagos electronicos interbancarios) is a real-time interbank money transfer service in Mexico that allows customers to transfer funds almost instantly between accounts of participating banks.
TransFi is focused on fiat-to-crypto onramp and offramp in emerging markets, with the widest suite of local payment methods in local currencies, 80%+ conversion rates, and with low fees. TransFi will be adding SPEI and Oxxo in Mexico to its offerings shortly, that will enable exchanges, wallets and DeFi protocols to offer their users the ability to buy and sell crypto with these popular payment methods.