Mexico’s Senate approved the Law on the Digital Economy for Digital and Electronic Payments on October 20, 2026, establishing a new legal framework to expand electronic transactions across the public and private sectors. The legislation authorizes the Ministry of Finance and Public Credit (SHCP) to determine which strategic sectors and economic activities may be required to accept digital payments exclusively. Although the reform does not immediately eliminate cash nationwide, it creates a mechanism for gradually restricting its use in designated activities. The law also promotes payment methods such as credit and debit cards, bank transfers, and QR codes, alongside digital identification systems designed to simplify financial transactions and government procedures.
The legislation passed the Senate with 73 votes in favor and 34 against in its general vote and was forwarded to the federal executive for promulgation. Supporters argue that the reform will strengthen financial inclusion, improve transaction efficiency, and support economic modernization. Opposition lawmakers, however, have raised concerns about additional costs for small businesses, limited banking access in rural communities, and greater government oversight of financial transactions. Once the law enters into force, the Finance Ministry will have 15 business days to identify sectors where digital-only payments may apply, followed by additional regulatory measures establishing implementation and transition requirements.
SOURCE
https://latinus.us/mexico/2026/10/20/avala-senado-ley-para-eliminar-pagos-en-efectivo-obliga-los-sectores-privados-publicos-aceptar-unicamente-pagos-electronicos-187594.html
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