Banxico Raises Small-Business Deposit Limits, Eases Digital Payments to Curb Mexico's Cash Use
Updated
Updated · Bloomberg · Jun 18
Banxico Raises Small-Business Deposit Limits, Eases Digital Payments to Curb Mexico's Cash Use
1 articles · Updated · Bloomberg · Jun 18
Summary
Mexico’s central bank published new rules Wednesday to simplify digital payments and lift deposit caps on small-business accounts, expanding formal banking access.
Banxico is using the changes to curb cash dealings in one of the world’s most cash-heavy economies and push wider adoption of electronic payments.
The move also reflects Mexico’s effort to catch up with Brazil and other emerging markets that have advanced faster in building digital payment systems.
For businesses, higher account limits could make it easier to keep more funds in the banking system rather than relying on cash transactions.