“(They are giving) lines of credit that are more in line with people’s ability to pay. If you are reaching clients with a lower income, the logical thing to do is to give them lower credit lines,” said Mariana Torán Flores, the bank’s economist.
Since 2019, and with the rise of fintechs that provide low credit lines to serve the base of the pyramid, the trend of credit lines has decreased.
A study by the Fintech Association highlights that 42% of users had never had a financial product before.
“At the time of their incorporation into the market, Fintech found a large sector of the population unbanked and a significant need to strengthen financial inclusion in the country,” says BBVA Research.
Financial education and the best processes for granting credit have also helped people pay their debts on time.
Total holders (who pay their total debt) increased compared to 2018. Of the more than 22 million cards in the system, 9.1 million plastics are from non-holders and 13 million are total holders.
What do Mexicans pay with their credit card?
More than a fifth of the spending of Mexicans who have a credit card is made on transportation, according to BBVA Mexico, using data from ENIGH.
“This includes everything from buying plane tickets to gasoline, all the transportation that can be paid for with a credit card, and we see a significant increase in three items, which are health items, recreation, and food spending,” said Gerónimo Ugarte, bank economist.