Mexico Buy Now, Pay Later Market Report 2025: Featuring Klarna, Atome, Hapi, Mercado Pago, Oxxo Pay, and PagaTodo
The “Mexico Buy Now Pay Later Business and Investment Opportunities Databook – 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics – Q3 2025 Update” has been added to ResearchAndMarkets.com’s offerings.
Mexico’s Buy Now Pay Later (BNPL) market is on a strong upward trajectory. The sector is expected to grow by 33.5% in 2025, reaching US$6.09 billion. Between 2021 and 2024, the industry recorded a remarkable 54.5% CAGR, and this momentum is projected to continue with a 24.9% CAGR from 2025 to 2030. By 2030, the BNPL market is anticipated to surge from USD 4.56 billion in 2024 to USD 18.51 billion.
This rapid evolution is driven by growing consumer demand for flexible credit and the rise of digital commerce. Financial inclusion initiatives are expanding access to credit, while the integration of BNPL services into physical retail stores is bringing installment-based payments directly into traditional shopping environments. This transition supports the shift from cash to digital payments.
Strategic partnerships between BNPL providers and major brands are also accelerating adoption. These collaborations embed BNPL services into familiar retail ecosystems, boosting merchant financing options and helping fintechs scale more efficiently. Such alliances are making BNPL a mainstream payment method in Mexico, reshaping consumer credit accessibility across the country.
Accelerated BNPL Market Expansion
Mexico’s BNPL sector continues to expand rapidly as consumers increasingly seek flexible payment options. In 2023, the market grew by 31%, supported by rising e-commerce activity and improved credit accessibility. Transparent fees, convenience, and the appeal of an alternative to traditional credit cards are attracting more users to BNPL solutions.
Integration of BNPL in Physical Retail
A major shift in the market is the adoption of BNPL in brick-and-mortar stores. Companies like Kueski now support in-store payments through QR codes, making BNPL more versatile and widely available. Since many Mexican consumers still prefer in-person shopping, this integration bridges traditional retail habits with digital financial solutions. As BNPL becomes more embedded in physical retail, digital transactions and financial inclusion are expected to accelerate further.
Strategic Partnerships Strengthening Market Reach
Partnerships between fintech firms and established brands remain crucial for BNPL expansion. The Shein–Stori co-branded credit card, launched in October 2024, is a key example of initiatives aimed at increasing adoption. These collaborations help BNPL providers access larger customer bases, reduce acquisition costs, and improve scalability.
Competitive Landscape and Regulatory Environment
Mexico’s BNPL space is becoming increasingly competitive, with key players like Kueski and MercadoLibre strengthening their market positions. The sector is expected to see continued innovation, fueled by technology-driven strategies and new alliances. Regulatory developments—particularly in digital financial frameworks—will play a significant role in shaping responsible growth and ensuring consumer protection. Providers must balance compliance with innovation to support Mexico’s emergence as a leading BNPL market in Latin America.
Current Market Dynamics
Consumer demand for installment-based payments continues to rise, particularly among individuals with limited access to conventional banking. BNPL providers are offering fast, transparent financing options that enable larger and more frequent purchases, contributing to widespread adoption across the country.
Key Players and Emerging Entrants
- Kueski – Offering BNPL and in-store QR code payment capabilities
- MercadoLibre / Mercado Pago – Expanding BNPL offerings and pursuing a banking license in Mexico
- Shein & Stori – Launching a co-branded credit card to drive BNPL engagement
Recent Launches, Mergers, and Innovations
The introduction of Kueski’s in-store payments and the Shein-Stori credit card marks a new phase of innovation in Mexico’s BNPL market. These developments highlight the sector’s focus on making services more accessible and competitive.
Market Outlook
Mexico’s BNPL market is positioned for strong long-term growth, driven by technology advancements, retail integration, and expanding partnerships. As the market matures, regulatory oversight will help ensure sustainable expansion while addressing the risks associated with alternative credit models.
Regulatory Developments
Recent regulatory efforts aim to modernize digital financial practices, improve transaction efficiency, and ensure consumer protection. Calls for updated fintech regulations highlight the need to align policy with evolving market dynamics and technological innovation.
Companies Featured
- Klarna
- Atom
- Step
- Mercado Pago
- Oxxo Pay
- PagaTodo
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