Based on my research, here is my analysis of the claim:
Reasoning:
- According to multiple sources, cash remains the dominant payment method in Mexico
- The World Bank's Global Findex Database indicates 52% of adults in Mexico still use cash for most of their daily transactions
- One report states that cash remains the preferred payment method for 82% of Mexican citizens
- For point-of-sale (POS) transactions in physical stores, cash accounts for 38% of transactions, making it the leading payment method
- Approximately 51% of Mexico's population remains unbanked, which significantly contributes to high cash dependency
- A 2023 Banxico survey found that only 38% of micro-merchants accepted card payments, largely due to high transaction fees and limited infrastructure
- Despite digital payment growth, 51% of transactions in Mexico were still done in cash in 2024
- OXXO, a convenience store chain with over 20,000 locations, accounts for 50% of all voucher and cash-based transactions in Mexico's digital commerce, highlighting how cash serves as a bridge between digital and traditional economies
The claim is accurate. The data consistently shows that more than half of Mexican adults use cash for daily transactions, with cash being the preferred method for the vast majority of citizens. The high unbanked population and cultural preferences for cash support this finding, though digital payments are steadily growing.
Overall validity: 85%