Mexican Senate Approves Digital Payments Bill in General Vote

Mexico City — Mexico’s Senate approved in general a new digital payments law on Tuesday that aims to broaden the use of electronic transactions in commercial activity and public services across the country.

The Digital Economy Law for Digital and Electronic Payments cleared the chamber with 73 votes in favor and 34 against during the Oct. 20 session, according to the official vote count.

The bill is part of a package of measures promoted by the federal government to expand digital transactions, reduce reliance on cash and widen access to financial services.

What the Bill Requires

The legislation calls on businesses, service providers and authorities at all three levels of government to put in place mechanisms for accepting electronic and digital payments.

Among its provisions is an obligation to have infrastructure capable of processing those payment methods and to inform users which options are available.

It also allows financial institutions to use the digital CURP — Mexico’s national population registry code — or other official identification mechanisms when signing up customers for services electronically.

The proposal includes exceptions permitting cash or check payments when technical failures make digital transactions impossible.

Debate and Next Steps

Although the bill won backing from most senators, the legislative process is not finished. Lawmakers will now take up reservations filed against various articles.

During the debate, opposition legislators raised concerns about the costs that implementing the systems could impose on small businesses and on people without access to banking services.

The Senate’s official account said the law is intended to promote the adoption of digital tools and expand access to secure financial services.

The federal government has said the legislation seeks to make use of platforms such as SPEI, Mexico’s interbank transfer system, and CoDi, its QR-code payment platform, to widen electronic payment options.

Approval in general does not mean the law is now in force. It still must complete its legislative passage and be published officially before its provisions take effect.