Introduction
The National Banking and Securities Commission (CNBV) and the Bank of Mexico (Banxico) have put forth a public consultation on new general dispositions applicable to payment networks, aiming to promote card-based payments and improve conditions for both users and merchants.
Background on CNBV and Banxico
The CNBV is a Mexican government agency responsible for supervising and regulating the banking and securities sectors, ensuring their stability and transparency. Banxico, on the other hand, is Mexico’s central bank, responsible for implementing monetary policy and maintaining price stability.
Main Objectives of the Proposed Rules
The primary goal of these new dispositions is to create a more competitive and efficient payment system by reducing operational costs and establishing clear rules that promote interoperability between networks.
Interoperability and Cost Reduction
The proposed rules aim to enable users to make and receive payments seamlessly, regardless of the institution or network used. This will streamline transactions and boost confidence in electronic payment methods.
Moreover, the initiative seeks to lower costs associated with card-based payments, particularly benefiting smaller businesses. By decreasing the charges that establishments pay per transaction, authorities hope to encourage more businesses to adopt these payment methods, expanding consumer options and reducing cash dependency.
Sustainable Growth of Card Usage
The dispositions also aim to ensure the sustainable growth of card usage in Mexico, allowing more individuals access to formal financial services and enjoying the benefits of digital payments.
CNBV and Banxico emphasize that these measures will strengthen the financial system’s infrastructure and align it with international standards regarding security, interoperability, and efficiency.
Public Consultation Process
The proposed project is available for public consultation through the Agency of Digital Transformation and Telecommunications portal. Interested parties can review the document and submit observations or comments via the electronic link: https://www.cofemersimir.gob.mx/portales/resumen/59676
Key Questions and Answers
- What is the purpose of these new dispositions? The main objective is to create a more competitive and efficient payment system by reducing operational costs and establishing clear rules that promote interoperability between networks.
- Who proposed these new rules? The National Banking and Securities Commission (CNBV) and the Bank of Mexico (Banxico) put forth the proposal.
- What benefits will these changes bring to merchants? The new rules aim to lower costs associated with card-based payments, particularly benefiting smaller businesses by decreasing the charges per transaction.
- How will these changes impact consumers? These changes will expand payment options for consumers and reduce their reliance on cash.
- What is the role of international standards in this proposal? The proposal aims to align Mexico’s financial system infrastructure with international standards regarding security, interoperability, and efficiency.
- How can the public participate in this process? The public consultation is available through the Agency of Digital Transformation and Telecommunications portal. Interested parties can review the document and submit observations or comments via the electronic link: https://www.cofemersimir.gob.mx/portales/resumen/59676
