By Zoila Palma: Mexico’s heavy reliance on cash transactions could prevent thousands of small businesses and informal merchants from benefiting from the estimated US$3 billion economic boost expected from the 2026 FIFA World Cup, Mexico business reports.
Industry experts warn that international and domestic visitors will increasingly expect digital and contactless payment options, while much of Mexico’s commercial sector remains dependent on cash.
According to Sandra Agudo, product manager at Kuvasz Solutions, more than 85 percent of purchases under MX$500 are still conducted in cash. She said businesses that cannot process international cards, digital wallets, contactless payments or instant bank transfers risk losing significant sales during the tournament.
“Today, the challenge is not only accepting digital payments but integrating them in a secure, fast and internationally compatible manner,” Agudo said. “Businesses that fail to adapt could miss out on a significant portion of that economic spillover.”
Although digital payment adoption has increased in recent years, cash remains the dominant method of payment in Mexico.
Data from the National Institute of Statistics and Geography shows electronic transfers used by businesses rose from 8.8 percent in 2018 to 16.7 percent in 2023, yet more than 80 percent of commercial transactions still rely on cash. The challenge is compounded by the fact that only four out of 10 merchants currently accept international payment methods, creating potential barriers for foreign visitors.
Experts believe the World Cup could serve as a catalyst for digital transformation among small businesses and informal merchants.
Industry data suggests that merchants can increase sales by as much as 20 percent after adopting electronic payment systems.
The post International News: Cash-dependent businesses risk missing World Cup windfall in Mexico appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Mexico’s heavy reliance on cash transactions could prevent thousands of small businesses and informal merchants from benefiting from the estimated US$3 billion economic boost expected from the 2026 FIFA World Cup, Mexico business reports. Industry experts warn that international and domestic visitors will increasingly expect digital and contactless payment options, while much
The post International News: Cash-dependent businesses risk missing World Cup windfall in Mexico appeared first on Belize News and Opinion on www.breakingbelizenews.com.
