Given the growth and expansion of companies that offer financial products and services using information and communication technologies (Fintech), the financial ecosystem in Mexico begins to have this metamorphosis. That which analysts are waiting for the long-awaited Fintech boom in our country.

Faced with this process that will cross technology with financial services, undoubtedly one of the meters to see the progress in Mexico, can be from dynamics such as electronic commerce and of course the habits of users.

Ferratum Group, an international provider of mobile banking and digital loans for consumers and small businesses managed by mobile devices, launched a study that highlights that 71% of Mexicans who were interviewed use mobile banking services to go on vacation.

The firm presented the results of the tenth survey of the Summer Barometer in which it explored the behavior of consumer spending in the summer season in 17 countries, including Mexico, which reported a decrease in spending allocated to vacation, however Increase online purchases and web transactions.

The report shows that more and more markets are becoming digital for their financial operations. Proof of this is that during their vacations, 71% of Mexicans surveyed use mobile banking services: 5% make all their purchases with a credit card, 15% do not make any purchases and 19% make half of their purchases directly online.

Elsewhere, more than 80% of respondents in Sweden, the Netherlands, Canada, the United Kingdom, Poland and Brazil said they would use mobile banking during this period. More than 35% of respondents in the UK, Spain and the Netherlands said they would buy products and services online this summer, while Latvia and Finland will continue with more traditional retail for their summer purchases.

How much do we spend according to the Barometer?

The results highlight that 28% of the 22,000 respondents will spend more money during the summer holiday season, compared to the same period in 2018, while 39% said they will spend the same amount as last summer.

In our country, the decrease in spending compared to last year will be 36% compared to the previous year. This points towards a probable greater awareness of the importance of saving and not making impulse expenses and the need to dedicate a greater part of the income to other essential items such as food and education.

17% of respondents spend around 15,000 pesos on their vacations and only 2% spend up to 60,000 pesos.

Regarding how they will cover their summer expenses, 49% of respondents say that they will pay for vacations with their savings and 26% with loans via online financial companies (Fintech) type Ferratum; 9% with other types of entities.

Our countrymen stand out in three main expenses, with 45% each: diverse purchases, clothes and trips within the country. Only 3% allocate part of their income to international travel, in what less spend is in books with 10%, alcohol 2%, and musical instruments with 1%.

Finally, the fact that to choose financing, 55% of Mexicans choose the lowest interest rate and 34% choose loans with easier access.

Source: Forbes