Mexico Digital Economy Law for Digital and Electronic Payments, Digi Mart USA News (Mexico): The Government of Mexico published the Digital Economy Law for Digital and Electronic Payments in the Official Gazette of the Federation (DOF) on Wednesday, November 4, promoted by President Claudia Sheinbaum, according to Mobile Time Latinoamérica.
The new law contains 22 articles and five transitory provisions that apply nationwide. Its stated aim is to promote the adoption and implementation of digital and electronic payment methods.
According to the DOF publication, starting November 5, the Secretariat of Finance and Public Credit (SHCP) has 15 business days to define the strategic sectors and activities in which only digital payments will be accepted. After the SHCP decides, authorities in each sector have another 15 business days to set the conditions, requirements and obligations for enabling these payment methods.
The law also provides for mechanisms and specific deadlines so that the transition from cash to digital payments occurs gradually.
Beginning November 5, all three levels of government, municipal, state and federal, must enable the infrastructure needed to receive digital payments, promote their use among users, and adopt measures to address contingencies that prevent their acceptance.
For private providers of goods and services, the law establishes that they may implement digital payment methods voluntarily, provided the SHCP does not include them in the list of mandatory sectors.
Digital and electronic payment methods recognized by the legislation include QR codes, NFC devices, debit and credit cards, and electronic transfers.
The law does not generally prohibit the use of cash. It allows cash to be used in extraordinary events that may affect payment infrastructure or systems, but states that such contingencies cannot justify permanent or recurring cash use.
The law also changes how Mexicans can access financial services. The Digital CURP, an evolution of the traditional format that combines alphanumeric data with advanced security elements to verify identity in both digital and physical settings, may now be used as an identification method to open bank accounts, apply for loans, or contract products from fintech companies.
The Digital Citizen File will serve as a repository of user documents that financial institutions may consult, with the holder’s prior authorization, when contracting services.
The legislation was approved by the Senate on October 20 and subsequently sent to the federal executive for promulgation.
