By Zoila Palma: Mexico’s federal government is preparing a new Digital Economy Law aimed at gradually reducing the country’s reliance on cash and accelerating the use of digital payments.
Today, President Claudia Sheinbaum confirmed that the legislation will be submitted to Congress alongside the 2027 Economic Package.
Sheinbaum said the government will establish phased timelines for the transition rather than attempting to eliminate cash use abruptly.
The proposed reform comes as Mexico remains heavily dependent on cash. Digital payments currently account for about 18% of transactions, while cash is used for the majority of purchases.
Bank of Mexico data indicates that cash is used in as many as 95% of transactions below 500 pesos, highlighting the challenge of shifting consumers toward digital payment methods.
The fintech sector and digital commerce companies are expected to play a major role in the transition. Mexico’s fintech market is projected to reach 86 million users by 2027, while payment platforms and e-commerce companies have continued expanding access to digital payments, credit and other financial services.
The initiative will also focus on strengthening micro and small businesses, which are among the sectors likely to be most affected by Mexico’s transition toward a more digital economy.
The post International News: Mexico plans to phase out cash payments with new Digital Economy law appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Mexico’s federal government is preparing a new Digital Economy Law aimed at gradually reducing the country’s reliance on cash and accelerating the use of digital payments. Today, President Claudia Sheinbaum confirmed that the legislation will be submitted to Congress alongside the 2027 Economic Package. Sheinbaum said the government will establish phased timelines for
The post International News: Mexico plans to phase out cash payments with new Digital Economy law appeared first on Belize News and Opinion on www.breakingbelizenews.com.
