Mexico's Senate Approves Digital Economy Law for Electronic Payments

The Senate of Mexico approved the Digital Economy Law for Digital and Electronic Payments on October 21 with 72 votes in favor and 37 against. The legislation aims to promote the use of electronic payment methods and reduce the use of cash. The project was sent to the federal executive for promulgation and publication in the Official Journal of the Federation. Previously, the Chamber of Deputies had approved the initiative on October 6 with 327 votes in favor and 122 against. The Ministry of Finance will have 15 days to determine the sectors subject to the new regulation. The law is based on the high prevalence of cash usage in daily transactions, according to the National Survey on Financial Inclusion 2024. The regulation includes the use of QR codes, NFC devices, debit and credit cards, and establishes the use of the digital CURP as official identification for financial services. Additionally, a Digital Citizen File will be created, which will have legal equivalence with physical documents.

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