Mexico Digital Economy Law for Digital and Electronic Payments, Digi Mart USA News: The Digital Economy Law for Digital and Electronic Payments took effect this Thursday in Mexico. The law aims to reduce the use of cash and expand the use of bank cards, transfers and other technological tools in commercial transactions.
The decree, published November 4 in the Diario Oficial de la Federación (DOF), states that the Secretaría de Hacienda y Crédito Público (SHCP) may determine the economic sectors where only electronic payment methods will be accepted. Gas stations and toll booths are among the first activities contemplated by the federal government, although their inclusion is not yet mandatory, as Hacienda must publish the final list of establishments subject to these provisions.
The ministry has 15 business days, starting from the law’s entry into force, to determine which economic activities must adopt these mechanisms exclusively. President Claudia Sheinbaum clarified that the new law does not seek to prohibit the use of banknotes and coins across the country, but rather to promote a gradual transition toward digital payments.
The legislation recognizes electronic payment means and includes exceptions allowing cash or checks during extraordinary failures that prevent digital systems from operating. However, these contingencies may not be used recurrently to avoid compliance with the rule.
Implementation presents a challenge in a country where cash remains widely used. According to information from the Banco de México, 98% of the population uses banknotes and coins for everyday expenses, especially in transactions under 500 pesos.
The federal government argues that digitalization will strengthen transaction security, improve tax collection and reduce risks associated with handling cash.
For now, consumers may continue using banknotes and coins normally while Hacienda determines which sectors will be subject to the new restrictions and how they will be implemented.
