China's fast fashion retail e-commerce platform SHEIN launched its first co-branded credit card in Mexico in partnership with Mexican fintech company Stori recently. Cardholders will earn double points on purchases at SHEIN, be rewarded with an additional 250 SHEIN points on their first purchase, and can enjoy special discounts during Mexico's National Shopping Festival. The card can be used at more than 24 million Mastercard-accepting merchants worldwide and is available in both physical and digital formats.
SHEIN's decision to debut the co-branded credit card in Mexico shows the importance it places on the market. The company's head of global payments said the partnership with Stori is an important step for SHEIN to offer users more and better payment options, improve the shopping experience, integrate financial solutions and help build credit history.
GlobalData reports that annual credit card transactions in Mexico will total USD 214.1 billion in 2024, with a projected compound annual growth rate of more than 10 percent through 2028. Despite the increasing use of credit cards, data from the Mexican Association of E-Commerce (AMVO) shows that 74 percent of online shoppers still prefer to use debit cards, demonstrating the potential for payment switching.
Currently, Mexico's e-commerce market is experiencing rapid growth, and it ranks among the top five global e-commerce retail growth rates. It is expected that the penetration rate of Mexico's e-commerce market will reach 44.06 percent by 2027 thanks to better connectivity, financial inclusion, improved logistics and digital literacy. For e-commerce enterprises going to Mexico, they can gain a deeper insight into the opportunities offered by the development of the local market and pay attention to the development of partnerships with local enterprises, so as to enhance the influence of the platform and establish a good image in the minds of local consumers.