Mexico Shows Major Progress in Digital Payments but 50% of SMEs Still Reject Them, Visa CEO Warns

Key Points

• Visa CEO names Mexico a top global priority market for digital payments
• 50% of Mexican SMEs still do not accept digital payments
• Contactless payments grew from near zero to 30% of all transactions
• Visa previewed "agentic commerce" — AI assistants that will purchase on behalf of users
• E-commerce fraud remains a major unresolved challenge
• Agentic commerce expected to go mainstream starting in 2026

Cancún, Quintana Roo — Mexico has made notable progress in digital payment adoption in recent years, largely driven by post-pandemic acceleration. However, structural challenges remain, particularly the low acceptance rate among small businesses, warned Ryan McInerney, global CEO of Visa.

Speaking at the 89th Banking Convention, the executive noted that Mexico combines a sophisticated financial system and high digital penetration with a stubbornly high reliance on cash — representing one of Visa's biggest global growth opportunities.

"We still have 50% of SMEs that don't accept digital payments. We need to work together to change that. Many times in Mexico, people pay with Visa and get declined. We need to increase authorization rates," McInerney said.

The Contactless Surge

Contactless payment technology has seen explosive growth, rising from virtually zero to approximately 30% of all transactions in Mexico in just a few years.

Agentic Commerce: The Next Frontier

McInerney identified agentic commerce as the next major leap — AI-powered assistants that will not just recommend products but execute purchases on behalf of users. Unlike the current model of manual comparison shopping, these agents will analyze global inventories, select personalized products, and complete transactions automatically.

This new model will require trust and control mechanisms, with users setting parameters like spending limits, approved merchant types, and purchase conditions. Visa plans to apply its existing fraud protection and refund standards to agent-driven transactions.

The CEO predicted agentic commerce will begin to go mainstream in 2026, creating new opportunities especially for small businesses that can be discovered by AI agents across a broader digital marketplace.

Our Take

Mexico's paradox is telling: a country with world-class fintech infrastructure where half of small businesses still operate cash-only. The gap isn't technological — it's about trust and adoption costs. "Agentic commerce" sounds futuristic, but if Visa can't first solve the e-commerce fraud problem and high transaction decline rates, the promise of AI shopping on our behalf will be premature for the Mexican market.