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Limits to Cashless Payments and the Persistence of Cash. Hypotheses About Mexico

In: The Book of Payments

Author

Listed:
  • Gustavo A. Del Angel

    (CIDE
    Stanford University)

Abstract

In recent years, Mexico has undergone strong growth in the use of cashless payment instruments, primarily the use of credit and debit cards, electronic funds transfers (EFTs) and mobile banking. Although these payment instruments have been available in the country for some time (the bank credit card was introduced in the sixties), their rate of adoption was not remarkably fast, until the last 15 years. The recent acceleration is due to the drive of the financial industry to adopt innovations in payments and penetrate into new market segments, mainly low income earners with little access to financial services, as well as growing interest from the government to encourage cashless payment methods. But despite the large increase in the use of these instruments over the last decade, the use of cash still persists in the Mexican economy. This chapter seeks to document this phenomenon and discuss some hypotheses on why things have happened this way.

Suggested Citation

  • Gustavo A. Del Angel, 2016. "Limits to Cashless Payments and the Persistence of Cash. Hypotheses About Mexico," Palgrave Macmillan Books, in: Bernardo Batiz-Lazo & Leonidas Efthymiou (ed.), The Book of Payments, chapter 12, pages 117-129, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-60231-2_12
    DOI: 10.1057/978-1-137-60231-2_12
    as

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