Claudia Sheinbaum sends Digital Economy Law to Congress to reduce cash usage in Mexico
President Claudia Sheinbaum sent a law initiative to the Chamber of Deputies to establish a Digital Economy Law for Digital and Electronic Payments. The legislation aims to promote electronic payments over cash and establish a new method for contracting financial services. According to the explanatory document, the reform seeks to make digital payments accessible to everyone. Data from the National Financial Inclusion Survey shows that between 2021 and 2024, cash usage for purchases of 500 pesos or less decreased from 90.1% to 85.2%, while electronic transfers and mobile applications increased from 1.6% to 4.4%. The Secretariat of Finance and Public Credit will determine specific strategic sectors where digital and electronic payments will be the only accepted form of payment. Additionally, the Bank of Mexico may expand deposit account operations to generate alternatives for the population. The law will also include informational programs to facilitate electronic transfers and promote financial inclusion.
Sources
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Sheinbaum anuncia ley para reducir el uso de efectivo como parte del Paquete Económico 2027
El Economista
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El ‘adiós’ al efectivo en México: ¿Qué propone la Ley de EconomÃa Digital de Sheinbaum?
El Financiero
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Con iniciativa de Pagos Digitales, Sheinbaum busca poner las transferencias por encima del efectivo
UnoTV