Business · Companies · 7 hrs ago
Openbank says Mexico could halve its use of cash
Openbank says Mexico could cut cash use by half, although its executives did not set a timeline or explain how progress would be measured.
Cash remains the most common way to pay, especially for smaller purchases.
In a 2024 survey, 85.2% of adults said they usually paid cash for purchases of up to 500 pesos, down from 90.1% in 2021.
Openbank executive Galnares said digital payments can help people build transaction histories that lenders may use when assessing credit applications.
Executive Prabhu proposed reducing or removing fees businesses pay to accept digital payments, but did not say who would cover the processing costs.
Openbank reported 1.6 million customers in Mexico and is focused on attracting more, with the next step being to make Openbank a primary account for more customers and move toward profitability.
Openbank says Mexico could reduce cash use to 50%, describing that level as a realistic goal.
The bank’s executives did not specify a timeline or how progress toward the goal would be measured.
Cash remains the most frequently used payment method, especially for purchases of up to 500 pesos.
Openbank argues that digital payments can create transaction histories that lenders may use when assessing credit applications.
An Openbank executive also proposed reducing or eliminating fees that merchants pay to accept digital payments.
- Who
- Openbank, represented by executives Galnares and Prabhu.
- What
- The bank says Mexico could reduce its use of cash to 50%.
- When
- The article was published on November 10, 2026. The target’s timeline was not stated.
- Where
- Mexico.
- Why
- Openbank says digital payments can help build transaction histories that lenders may consider when assessing credit applications.
This story does not have two clearly opposing sides.
- Cash use target
- 50%
- Cash use for purchases up to 500 pesos
- 85.2% of people aged 18 to 70, according to the 2024 National Survey of Financial Inclusion
- Cash use for purchases up to 500 pesos in 2021
- 90.1%
- Openbank customers in Mexico
- 1.6 million, according to its latest report
- Publication date
- November 10, 2026
What people are saying
I don't think there is a single player with the secret recipe to take the entire market. There will be three or four good players with plenty of room to compete in Mexico.
We are not the bank that offers the highest interest rates... we want to create purposeful transactions.