The Mexican government is taking significant steps to transform everyday transactions by proposing a new law aimed at increasing digital payment methods while gradually reducing reliance on cash. This initiative, part of the 2027 economic package, seeks to foster financial inclusion and invigorate economic activity, ultimately making transactions easier for individuals and businesses alike.
José Antonio Peña Merino, head of the Agency for Digital Transformation and Telecommunications, emphasized that the new law will make it simpler for people to send and receive payments via mobile phones. Key digital tools like the Interbank Electronic Payment System (SPEI) and the Digital Collection (CoDi) program will enhance accessibility and efficiency in financial transactions.
Making a purchase through CoDi can be completed in just three easy steps: selecting the CoDi option in a banking app, scanning or generating a QR code with the transaction amount, and confirming the payment. The Bank of Mexico estimates that these transactions will take only four to five seconds to process, significantly improving the speed of payments.
For small businesses, multiple options will be available to accept digital payments. They can display a static QR code, generate a code on their mobile device for specific transactions, or show it on a screen at checkout, making it comparable to the experience in larger retail environments. This proposed system aims to facilitate electronic payments without the need for costly bank terminals or transaction fees, as both SPEI and CoDi do not impose charges on users or merchants.
A notable aspect of the proposed law is the introduction of the “N2 Bis” bank account. This new type of account is designed for small businesses, promoting digital payments and allowing for remote opening with minimal identification requirements. Initially capped at 25,000 pesos, this limit will rise to 135,000 pesos for those incorporating digital transfers, a change expected to greatly benefit micro-businesses, like local shops and street vendors, that often operate outside traditional banking systems.
Peña noted that this initiative would open up access to a range of financial products and credit options, thereby helping small businesses formalize their operations. Moreover, the bill aims to digitize government payments and progressively lessen cash use in key sectors, starting with gas stations and toll roads.
Financial institutions are required to adopt CoDi by December, with some planning to roll it out ahead of significant shopping events like “El Buen Fin” in November. This transformation in payment methods could significantly enhance day-to-day financial interactions for many Mexicans, paving the way for a more inclusive economy.