Mexicans will defy interest rates and ask for more bank cards

Salvador Espinosa, general director of Prosa, agreed with this perspective and said in an interview with Expansión that growth in the use of cards of up to double digits is expected.

“Last year we registered 6,500 million transactions throughout the year, now we are going for at least 8,000 million transactions only with a physical card,” he commented.

In the first three quarters of the year, 4,372 million credit and debit card operations have been made, 22.2% more than in the same period of 2021, according to data from the Bank of Mexico (Banxico).

The last months of the year will be relevant for the banking industry and payment processors such as Prosa, since it is traditionally when there is a higher consumption due to the Christmas season and the Good End.

To avoid saturation in payments during these seasons and to mitigate identity theft among users, the firm will invest 100 million dollars over the next five years.

On the other hand, the industry will face a challenge because inflation is expected to continue at levels above 8%, which could reduce consumption in the coming months.

If high levels of inflation continue, both banks and department stores that issue cards could limit the granting of plastics. However, Fitch warned that customers could reduce their ability to pay, which in the future implies an increase in delinquencies.