The Mexican economy faces difficulties in reducing the use of cash, despite the federal government’s efforts to promote the digitization of payments.
The Mexican economy faces difficulties in reducing the use of cash, despite the federal government’s efforts to promote the digitization of payments in sectors such as fuel and toll booths, representatives of the financial sector indicated.
What did experts say about the use of cash in Mexico?
According to specialists, more than 90% of daily transactions in the country are still carried out with physical money, reflecting a strong preference among the population for cash and a lag in the adoption of electronic payment methods.
The CEO of BBVA Mexico, Eduardo Osuna, warned that although measures such as reducing commissions on card payments at gas stations seek to incentivize digitization, they will not be enough on their own to change consumer behavior, so more decisive actions are needed.
Among the alternatives, the executive suggested limiting or even restricting the use of cash in certain strategic sectors as a way to accelerate the transition to digital payments, improve the traceability of the economy, and strengthen security and formalization.
Meanwhile, representatives from companies like Nu Mexico and Mercado Pago agreed that, although there has been progress in financial inclusion and growth in digital users, the country still has millions of people without access to formal financial services, which keeps cash as the primary means of payment and places Mexico at an intermediate stage of digitalization compared to other economies.
Source: elmanana
