Mexico’s digital payments law takes effect; 85.2% of adults still use cash often, implementing rules to follow
Mexico published its digital payments promotion law on November 4 and it took effect on November 5. It aims to spread QR codes, NFC, cards and electronic transfers. Adoption by private businesses is generally voluntary, but the finance ministry can designate strategic sectors where digital payment may be the only accepted method.
Key points
- A 2024 survey found 85.2% of adults often use cash for purchases of 500 pesos (about ¥4,250) or less
- Adoption is generally voluntary, but the finance ministry may make electronic payment the only option in designated sectors (cash or cheques allowed temporarily during outages)
- The ministry must designate sectors within 15 business days of entry into force, and sector authorities issue implementing rules within 15 business days after that
Background
Cash dependence remains strong in Mexico, and there is a gap between existing infrastructure — the SPEI instant-transfer system, CoDi QR payments and DiMo phone-number transfers — and actual use. The law also aims to improve credit access for individuals and micro and small businesses through accumulated payment histories.
What it means for shops
Companies that trade or operate in Mexico should watch the forthcoming rules for obligations and transition periods. Mexico’s internet association points to the need to clarify who bears fees and terminal costs, and to specify personal-data protection.
What shops should do
- If you have partners or sites in Mexico, track publication of the implementing rules with them or via JETRO
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Summaries are written by Seiichi Studio based on the original releases. Always check the source for the exact details.