Bank of Mexico: To create new accounts to expand services

The Bank of Mexico (BdeM) is preparing a series of changes to allow more people to use bank accounts with fewer restrictions and in a simpler manner, in an effort to expand access to the financial system and promote digital payments.

The central bank launched a public consultation to introduce a new type of account that would allow for electronic transfers of just over US$7,300 per month and cash deposits of US$1,460 per month.

According to the central bank, the goal is for these accounts to better align with how people use them today and for an increasing number of payments to be made electronically.

At the most recent Banking Convention, it was announced that the goal is for payments at toll booths and gas stations to be made exclusively with cards this year. To make this happen, banks proposed temporarily waiving the fee charged to gas stations for accepting card payments.

The proposal also includes allowing N2-type accounts to receive additional monthly deposits of up to six thousand UDIS (approximately US$2,800), provided that the additional funds come exclusively from “subsidies related to government programs supporting specific sectors of the population.”