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Mexico's Banks to Standardize Mobile Apps for Easier Payments by December Deadline
🇲🇽 Mexico /Economy & Trade

Mexico's Banks to Standardize Mobile Apps for Easier Payments by December Deadline

From El Universal · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Mexico's central bank, Banxico, has mandated that all financial institutions must standardize their mobile apps for payments and transfers by mid-December.
  • The initiative aims to simplify mobile transactions, reduce cash usage, and benefit over 80 million users, particularly the elderly.
  • New regulations also introduce a simplified account level for small businesses, allowing them to receive up to 15,000 UDIs monthly via digital payments, supporting over 4.4 million small businesses.

Mexico's financial landscape is set for a significant digital upgrade as the Bank of Mexico (Banxico) mandates the homogenization of mobile banking applications. By mid-December, all credit institutions will operate under a unified app interface for payments and fund transfers, aiming to streamline user experience and curb the reliance on cash.

This move is expected to benefit over 80 million individuals who use digital transfer services, with a particular focus on making transactions easier for the elderly. Banxico's announcement, published in the Official Gazette of the Federation, outlines new provisions that ensure a simplified and standardized user experience across all banking platforms.

the measures incorporate the obligatoriness of providing a simplified and standardized experience in the mobile applications of all institutions that offer fund transfer services.

— Banco de MéxicoIn a statement explaining the new provisions for mobile banking apps.

Beyond user-facing changes, the central bank is also expanding the capabilities of simplified accounts. A new "Level 2 Bis" account tier will be available for small businesses, enabling them to receive up to 15,000 UDIs monthly, with at least 12,000 UDIs coming from digital payment sources. This adjustment is designed to align account operations with user transaction profiles and encourage digital payment adoption, potentially aiding more than 4.4 million small businesses.

This adjustment seeks to align the operating levels of deposit accounts with the transactional profile of users and promote the adoption of digital payments.

— Banco de MéxicoRegarding the new account tier for small businesses.
DistantNews Editorial

Originally published by El Universal in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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