“In Mexico, only 1 in 10 people have access to a credit card, generally because they earn less than what traditional banks require or because they work in the informal economy due to a lack of formal sources of employment,” Merlos said. “That is why we compete against cash and high-interest microcredits, rather than against those traditional banks.”

https://techcrunch.com/2023/02/16/fintech-neobank-vexi-raises-millions-to-offer-young-mexicans-lower-interst-rate-credit-cards/