Sheinbaum Submits Digital Payments Reform to Chamber of Deputies: What is it About?

President Claudia Sheinbaum has submitted to the Chamber of Deputies, along with the

, a series of initiatives aimed at modifying various aspects of the country’s economic and administrative activities. Among these are proposals to enact the Law on Digital Economy for Digital and Electronic Payments and the General Law for the Strengthening and Harmonization of Cadastral and Registry Information. Both aim to increase the digitalization of economic operations and processes related to real estate.

The first initiative seeks to establish a legal framework to expand the use of digital and electronic payment methods, while the second aims to standardize and connect cadastral and registry information across different levels of government.

Digital Payments, Why?

The initiative stems from a premise: Mexico already possesses a significant portion of the necessary infrastructure for digital payments, but its adoption remains uneven. The document points out that the Interbank Electronic Payment System (SPEI), along with tools like CoDi and Dimo, facilitate digital transfers and payments. This is complemented by widespread mobile phone penetration.

The problem, according to the explanatory memorandum, lies in the gap between this infrastructure and its everyday utilization. Based on the 2024 National Financial Inclusion Survey (ENIF), the initiative indicates that between 2021 and 2024, the frequent use of cash for purchases up to 500 pesos decreased from 90.1% to 85.2%. In contrast, electronic transfers and mobile applications increased from 1.6% to 4.4%.

For the federal government, increased adoption of digital payments can reduce transaction costs and times, generate electronic receipts, and facilitate remote operations. Furthermore, each transaction can contribute to building a financial history that allows for the verification of income and repayment capacity, which is particularly relevant for individuals and small businesses facing difficulties in accessing formal financing.

The proposal also includes identification mechanisms for remote operations, such as the Digital CURP and the Digital Citizen Record, always with the explicit consent of the individual and in compliance with personal data protection regulations.

What is the Digital Payments Law About?

The Law on Digital Economy for Digital and Electronic Payments would apply throughout the national territory and aims to promote the adoption and implementation of digital payment methods. The initiative considers QR codes, NFC devices, debit and credit cards, transfer orders, direct debits, and other devices or interfaces that allow for payments or transfers as digital payment methods.

Its implementation would involve both providers of goods and services and authorities at all three levels of government. These entities will be responsible for enabling the necessary infrastructure to receive digital payments, informing users about available methods, and implementing measures to address contingencies that temporarily prevent their use. Additionally, authorities will be required to adopt these mechanisms for handling procedures and services.

A key point concerns so-called strategic sectors or relevant activities. The initiative establishes that the Ministry of Finance and Public Credit (SHCP) will be responsible for determining which sectors and activities will be designated where the acceptance of digital and electronic payment methods may become the sole form of payment.

Subsequently, the competent authorities for each sector will define the conditions, requirements, and obligations for receiving these payments, as well as mechanisms and timelines for a gradual transition away from cash. In the event of a contingency that makes digital payment reception impossible, the proposal allows for temporary acceptance of cash or checks.

The scope for businesses will therefore depend on the sectors identified by the Ministry of Finance. For those included, adaptation will extend beyond simply accepting cards, requiring the implementation of infrastructure and technological solutions capable of processing the various methods contemplated by the new legislation.

A National Cadastral Platform Will Be Created

The cadastral initiative proposes the creation of the National Cadastral Plan and the National Registry Plan, with directives for modernizing, updating, standardizing, and interoperating information. It also envisions a National Cadastral Platform to manage procedures in a standardized manner and connect territorial and property information from federal entities and municipalities through common standards. The Agency for Digital Transformation and Telecommunications will be tasked with developing and administering these platforms, while local authorities will be required to adopt the standardization and interoperability models.

Together, these two initiatives point in the same direction: digitizing operations, information, and procedures to reduce barriers, improve traceability, and facilitate interactions between citizens, businesses, and authorities. Their next step will be analysis and discussion in the Congress of the Union.