The Thriving State of Mexico's Finance App Market

Key Takeaways:

• Finance app downloads in Mexico show a consistent upward trend over the past few years, reaching a total of 248 million installs in 2023, reflecting a significant 21% YoY increase

• While payment apps, such as Mercado Pago, Spin by OXXO, and PayPal, experienced a slight YoY decline in downloads in 2023, Cashi and Edenred Wallet's downloads have consistently grown over the past two years, up 33% and 20% YoY, respectively

  • Cashi's 2023 YoY growth is attributed to Walmart Mexico's acquisition of Trafalgar, enabling Cashi to expand its services beyond Walmart and address the rising demand for comprehensive financial solutions in Mexico

• Spin by OXXO was the fastest-growing payment app in Mexico in 2022, experiencing a remarkable increase 278% YoY increase in downloads. In 2023, it consistently retained its position as the No.2 payment app by overall downloads in Mexico. The impressive performance of its loyalty program, Spin Premia, could be a contributing factor to the sustained success of the app

• El Buen Fin Boost Payment Apps’ performance: Cashi, the payment app that provides bonuses, stood out as the winner during the shopping season, securing a 63% share of downloads among the top 5 payment apps in 2023 during El Buen Fin, an annual shopping event in Mexico

  • During the week of El Buen Fin 2023, Cashi's downloads increased by 3x compared to the previous week, outperforming other established payment apps like PayPal, which saw downloads increase 46% WoW

  • While Mercado Pago, Spin by OXXO, and PayPal showed modest growth in WAUs in the week of El Buen Fin 2023, Cashi witnessed the most impressive WAU growth, nearly doubling its WAUs from the prior week

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