Mexico's central bank, Banxico, issued new regulations in the Official Gazette of the Federation aimed at simplifying and standardizing electronic transfers made via mobile devices. These changes mandate a uniform user experience for all financial institutions offering fund transfer services, with Banxico set to release technical guidelines to ensure this standardization. The primary goal is to encourage greater adoption of digital payment methods across a wider segment of the population, especially for over 80 million current transfer users.
In addition to streamlining transfers, Banxico is expanding the capacity for receiving funds in simplified accounts. The new "Level 2 Bis" accounts, specifically designed for small businesses, will allow them to receive up to 15,000 Investment Units (UDIs) monthly, which is approximately $132,000 Mexican pesos. Of this amount, at least 12,000 UDIs (around $105,600 Mexican pesos) must come from digital payments. This adjustment aims to better align account operation levels with the transactional profiles of users and further promote the use of digital payments. This move is expected to benefit more than 4.4 million small businesses by providing them with accessible bank accounts for sending and receiving digital payments.
Banxico emphasized that these regulatory changes are part of its broader commitment to ensuring the proper functioning of payment systems and fostering the healthy development of the financial system. Governor Victoria Rodríguez Ceja highlighted these efforts, including the upcoming implementation guides for banks' mobile applications, during a meeting with the Mexican Banking Association (ABM). She urged banks to quickly implement these changes to deepen the reach and use of digital payments, making transferring money easier through simple data like phone numbers or card details, regardless of the underlying technology like DiMo or CoDi.
These initiatives are seen as crucial for integrating various digital payment systems and making them more accessible and efficient for millions of Mexicans. Banxico is focusing on providing standardized and simplified alternatives for initiating electronic transfers to address existing frictions and inefficiencies in the payment process. This includes plans for integrating CoDi and DiMo for merchant acceptance and enhancing the Interbank Electronic Payments System (SPEI). The central bank is confident that the banking sector will prioritize the implementation and dissemination of these new account types to reinforce efforts in deepening and adopting banking services nationwide.
