QR Codes are now a big part of life in Mexico. You can find them everywhere, from paying for things to learning more at museums. This guide will show you how QR Codes are changing everyday life in Mexico.
A. QR Code usage data in Mexico
Let’s look at the data on how QR Codes are being used in Mexico:
1. Mobile payments are growing fast
– 2021 numbers: In 2021, Mexico registered USD 11 billion in mobile payments.
How did this big jump happen? It came from more and more people using smartphones
It came from more and more people using smartphones, contactless payments, and more fintech options.
– By 2025: Mobile payments are expected to double to $25 billion.
The interest in mobile payments is growing, according to this stat. The system that handles these payments, i.e. QR Codes, will also grow.
2. 2022 mobile payment estimates
In 2022, mobile payments were projected to be $15 billion. It grew over the previous years. It shows the rapid uptake of digital payments.
Do you know what is crucial in this expansion? QR Codes (no surprise by now!).
3. QR Codes driving payments
QRs are crucial for mobile payments, as more and more people are using smartphones.
Apps like CoDi are making it easy and safe to pay with QR Codes. Both consumers and small businesses use these systems to avoid using physical cards or point-of-sale systems.
– Financial inclusion: QR Codes also help in getting more people into the financial system.
In Mexico, people don’t have traditional bank accounts. So, they are a useful way to make cashless payments.
4. Fintech and QR Codes
Fintech and its contribution: The growth of the fintech industry in Mexico has led to a sudden boom in mobile payments.
QR Codes enable fintech companies to link mobile wallets with traditional banking. QR Code technology is popular among small and informal businesses because of its low cost and excellent scalability.
Mobile payments in Mexico are expected to grow from the current $11 billion by 2021 to $25 billion by 2025.
This is due to increased smartphone usage, new fintech, and the desire for contactless transactions.
QR Code-based transactions are expected to continue to be part of the Mexican financial landscape, at least in communities that do not yet have access to traditional banking services
Source for this section: Statista
B. How QR Codes are used in Mexico
1. Mobile payments and banking
In Mexico, mobile payments have become more seamless thanks to QR Codes. The CoDi system, launched by Mexico’s Central Bank, allows users to conduct transactions simply by scanning a QR Code with their smartphones.
Major banks like BBVA and Banorte integrate QR Code technology in their apps, enabling secure logins, money transfers, and payments.
For example, a local artisan might use CoDi to receive payments directly from customers’ phones, making cash transactions a thing of the past.
2. Shopping and e-commerce
QR Codes have enhanced the shopping experience across various sectors. Retail giants such as Walmart and OXXO now accept QR Code payments. This lets customers complete transactions with a simple scan.
In the realm of food delivery, apps like Uber Eats and Rappi utilize QR Codes to streamline order tracking and delivery confirmation.
After placing an order, customers receive a QR Code to monitor their delivery’s progress, while delivery personnel use the code to verify the transaction.
3. Public transportation
In cities like Mexico City, QR Codes have revolutionized public transportation. Commuters can purchase bus or metro tickets by scanning a QR Code at kiosks or through mobile apps.
This digital approach speeds up the boarding process and eliminates the need for physical tickets. For instance, passengers can present a QR Code on their phone to access the metro, enhancing convenience and efficiency.
4. Tourism and museums
QR Codes have transformed the visitor experience at tourist attractions and museums.
At sites like Teotihuacan, QR Codes provide visitors with additional insights into historical landmarks.
Scanning these codes grants access to virtual tours, detailed descriptions, and audio guides, enriching the overall experience.
Museums also leverage QR Codes to offer interactive exhibits and supplementary information, making cultural exploration more engaging.
5. COVID-19 contact tracing
During the COVID-19 pandemic, QR Codes played a vital role in managing health and safety. Individuals scanned QR Codes to check in at various locations, aiding in contact tracing and exposure tracking.
Additionally, QR Codes were used to verify vaccination status, ensuring that health protocols were met before entry into certain venues.
6. Event ticketing
QR Codes have become a staple in event ticketing, streamlining access to concerts, sports events, and festivals.
Attendees can present a QR Code at the venue entrance to gain entry, eliminating the need for physical tickets. This efficient system speeds up the check-in process and enhances the overall event experience.
7. Restaurants and the food industry
In the dining world, QR Codes have modernized how customers interact with menus. Many restaurants now offer digital menus accessible via QR Codes, allowing diners to view options on their smartphones.
This digital shift reduces the use of physical menus and facilitates easy updates. Additionally, QR Codes are used for loyalty programs and special discounts, enabling customers to enjoy rewards and savings with a simple scan.
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C. How QR Codes are helping businesses in Mexico
QR Codes are making it easier for businesses to work faster and smarter.
1. Contactless payments
QR Codes let people pay without using cash or cards. Customers just scan a code and pay right away.
2. Marketing and promotions
Companies put QR Codes on ads and products. When you scan them, you might find special offers or more info about the product.
3. Learning from data
Businesses use QR Codes to see how many people scan them. This helps them learn about their customers and improve their services.
D. QR Codes in shopping: Making it easy
1. Product information
In many stores, QR Codes on shelves give you details about the product, like reviews and prices.
2. Fast mobile payments
Stores like OXXO and Walmart use QR Codes for quick payments. You can skip the lines and pay instantly.
3. Special offers and rewards
Some stores use QR Codes for discounts or loyalty points. Customers scan the codes to get rewards.
4. Click-and-collect
You can pick up your online purchase more quickly by using a QR Code when you get it at the store.
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E. QR Codes in Mexico: Tourism
QR Codes make visiting Mexico more fun and easy. Let us look at some use cases:
1. Extra information
At museums and tourist sites, QR Codes give extra info, like audio guides or stories about the place.
2. Tickets and bookings
Some attractions use QR Codes for tickets. Visitors can scan to book tours or enter the site.
3. Promoting local businesses
Restaurants and shops use QR Codes for digital menus or special offers for tourists.
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Summing Up
QR Codes are becoming a key part of life in Mexico. They facilitate travel, shopping, and payment. If you own a business, QR Codes can help you engage with clients in new ways and enhance your service.
