Mexico is accelerating its efforts to reduce cash usage, introducing new laws to support digital payments and attracting informal businesses into banking.

The Central Bank of Mexico has introduced new measures to support digital payments, relaxing account requirements and increasing deposit limits, hoping to reduce the use of cash and bring more informal businesses into the financial system.

June 18, 2569 at 07.41:XNUMX a.m. Bloomberg News reported that The Central Bank of Mexico (Banco de Mexico) has announced new regulations to promote digital payments and reduce reliance on cash in the economy. With the goal of improving access to financial services for the public and small businesses.

These measures include improving the usability of digital payment systems and increasing deposit limits for simplified accounts, which are accounts that do not require tax identification information to open and can be applied for online.

Mexico is one of the countries with the highest cash usage in the world, prompting the government and central bank to accelerate the development of digital payment infrastructure in order to catch up with emerging economies like Brazil, which has successfully promoted widespread digital payments.

The new regulations also aim to address the limitations of existing central bank digital payment systems, such as CoDi and DiMo, which have not yet achieved the widespread mobile adoption that was expected.

Furthermore, increasing deposit limits for simple accounts could help attract more small business owners and workers in the informal economy, which constitute a large proportion of Mexico, into digital banking and financial services.

Mexican Banking Association specify that These measures have the potential to create a significant positive impact, both in terms of making money transfers and payments more convenient for the public, and expanding opportunities for microfinancers and small businesses nationwide to access financial services.

refer : www.bloomberg.com

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