Bait, Walmart’s Mobile Virtual Network Operator (MVNO) in Mexico, isn’t just dabbling in connectivity anymore—it’s making a serious play for dominance. In its latest report to the Mexican Stock Exchange (BMV), the company reported adding 2 million new mobile users in Q3 2025, bringing its total to 23.5 million subscribers. Bait

Walmart MVNO Mexico

That figure officially places Bait as Mexico’s third-largest mobile carrier, surpassing Telefónica México (Movistar), which the Federal Institute of Telecommunications (IFT) last recorded with 21.1 million lines. Even more striking—Bait now sits just 600,000 users behind AT&T Mexico, which reported 24.1 million.

For a retail-born MVNO that launched only a few years ago, this is a stunning ascent. But as always in telecom, the details matter—especially when it comes to what counts as an “active” user.

Postpaid Arrives—and So Does Serious Revenue

One of the big headlines from Walmart’s latest earnings call was the launch of Bait’s postpaid service—a significant step for a brand that built its base on prepaid customers.

Javier Andrade, Walmart’s marketing director, told analysts that Bait generated 3 billion pesos (approx. $170 million USD) in revenue between July and September, an increase of 300 million pesos from the previous quarter. For 2025 so far, Bait has brought in roughly 8 billion pesos in total, confirming that Walmart’s mobile ambitions are translating into real financial returns.

The move into postpaid signals that Bait is targeting higher-value, longer-term customers—a smart pivot if it wants to challenge AT&T and narrow that 600,000-user gap before year’s end.

“Second Place by ”December’—Ambition Meets Execution

Bait’s managing director, Gabriel Cejudo, hasn’t been shy about his goals: by the end of 2025, Bait wants to become Mexico’s second-largest mobile provider.

The strategy? Leverage Walmart’s vast retail ecosystem — including its stores, online platforms, and in-store Experience Centers — to push mobile plans directly to millions of existing shoppers. Few telcos can match that kind of distribution muscle.

This approach is already paying off. According to GlobalData, Bait’s explosive growth makes Mexico one of the most vibrant MVNO markets in the world, hosting over 27.8 million virtual network lines — even surpassing the U.S., which has 26.1 million.

That’s a remarkable statistic: Mexico, often viewed as a traditional mobile market, is now a global MVNO leader, thanks in large part to Walmart’s retail reach and pricing strategy.

The Active Lines Controversy

But here’s where things get a little complicated.

Bait’s reported 23.5 million users depend heavily on how it defines an “active” mobile line. Walmart uses a 180-day activity window—meaning a SIM or eSIM is considered active if it’s been used at least once in the past 6 months.

By contrast, the IFT (Federal Institute of Telecommunications)—and most international regulators, including the International Telecommunication Union (ITU)—use a 90-day standard.

If we apply the IFT’s stricter definition, Bait’s numbers drop dramatically. In Q1 2025, for example, Bait reported 19.8 million customers, but the IFT’s records showed only 8.3 million active lines—a 42% discrepancy.

This isn’t just a technicality. The new Telecommunications Regulatory Commission (CRT), which recently replaced the IFT as Mexico’s telecom regulator, hasn’t yet clarified whether it will maintain the 90-day rule or adopt Bait’s more generous interpretation. Until then, Bait’s true position in the market remains a moving target.

Why It Matters

For investors and competitors alike, the definition of an active line determines more than bragging rights. It shapes market share, valuation, and strategic positioning in one of Latin America’s fastest-growing mobile markets.

Telcel, AT&T, and Telefónica continue to align with the 90-day ITU standard, ensuring consistency across quarterly reports. If the CRT allows a longer threshold, that could effectively inflate subscriber counts for MVNOs like Bait — making apples-to-apples comparisons nearly impossible.

Transparency here isn’t just about numbers; it’s about trust. And in an era where eSIM adoption and hybrid prepaid-postpaid models blur traditional lines, that trust becomes essential for consumers, partners, and regulators alike.

A Global MVNO Phenomenon

Bait’s rise fits into a broader global MVNO renaissance. Across markets like the U.K., Spain, and Japan, retailers and digital platforms are turning to mobile as a complementary service — a way to deepen customer loyalty and diversify revenue.

In the U.S., Walmart’s counterpart is Walmart Family Mobile, powered by T-Mobile’s network, which has steadily captured budget-conscious users for over a decade. Meanwhile, in Europe, Lidl Connect and Aldi Talk have shown how retail brands can successfully merge shopping and connectivity — often with better customer reach than traditional operators.

What sets Bait apart, however, is scale and speed. Few MVNOs globally have grown this fast, or this large, within such a short window. Whether those numbers hold up under regulatory scrutiny remains to be seen — but the disruption is undeniable.

The Bigger Picture: Walmart’s Telecom Future

If Bait continues on its trajectory, Walmart could soon become the most influential non-telco player in Latin American mobile. With eSIM technology expanding and data usage soaring, Bait’s retail-first model might represent the future of connectivity distribution—frictionless, affordable, and omnipresent.

Still, to secure that future, Bait will need to align with international standards, clarify its metrics, and continue proving that its growth is not just big but sustainable.

Because in telecom, the real power isn’t in counting lines. It’s in keeping them active.