Fintechs fail to make a dent in Mexico as cash remains king

FILE PHOTO: Mexican peso banknotes are pictured at a currency exchange shop in Ciudad Juarez, Mexico November 10, 2017. Picture taken November 10, 2017. REUTERS/Jose Luis Gonzalez

MEXICO CITY (Reuters) - Financial inclusion levels in Mexico have worsened since 2018, official statistics show, despite a burst of financial startups hoping to 'bank the unbanked'.

Mexicans with at least one financial product last year fell 0.5% to 67.8% compared with 2018, the National Inclusion Report (ENIF) concluded this month. Meanwhile, cash still drives 90% of transactions under 500 Mexican pesos ($25), as well as 78.7% of payments or bills over 500 pesos.