Mexico’s central bank has published new rules for bank accounts and mobile transfers, aiming to broaden the use of digital payments among small businesses and reduce the economy’s dependence on cash. The changes affect account limits, electronic payment acceptance and the standardization of user experience across mobile banking apps.
Banxico Sets New Rules for Digital Payments
Bloomberg reported that Banxico published rules designed to expand digital payments and access to bank accounts. The measure forms part of Mexico’s broader push to reduce cash use in retail transactions and make banking infrastructure more accessible to small entrepreneurs.
Banco de México had previously opened a public consultation on amendments to Circular 3/2012, which governs operations by credit institutions. The draft proposed adding a new deposit account category known as Level 3 Bis. It was designed to sit between the existing Level 3 account and Level 4 accounts, where deposits are not capped unless a bank agrees a specific limit with the customer.
The main objective is to close the gap between mass-market accounts with low limits and full bank accounts that require more complex onboarding. For small merchants, self-employed workers and entrepreneurs, that gap often means digital payments are technically available but commercially inconvenient: monthly receiving limits can be reached before the end of the month, while additional banking procedures remain a barrier to moving away from cash.
Level 3 Bis Raises Limits for Small Merchants
The draft rules provide that a Level 3 Bis account may receive deposits of up to 15,000 UDIS per month. UDIS, or investment units, are Mexican inflation-indexed units of account. At current values, the threshold is roughly 132,000 pesos per month.
Cash deposits into such accounts would be capped at 3,000 UDIS per month. The remaining capacity would be directed toward electronic channels, including bank transfers and card payments. That structure shows that the regulator is not merely raising limits, but explicitly encouraging non-cash transactions.
Before the proposed change, the system had four main account levels. Level 1 accounts had low monthly deposit and balance limits, Level 2 accounts allowed monthly deposits of up to 3,000 UDIS, Level 3 accounts allowed up to 10,000 UDIS, and Level 4 accounts had no regulatory cap on deposits. The new category is intended to serve users who have outgrown Level 2 or Level 3, but cannot easily move to a full Level 4 account.
Why Small Businesses Still Depend on Cash
Mexico’s economy remains heavily reliant on cash, especially in microbusinesses, street commerce, household services and small family-run enterprises. For many of these businesses, a formal bank account is not seen only as a growth tool, but also as a source of administrative burden, tax visibility and additional scrutiny.
According to an estimate cited by El Economista, the potential universe for the initiative could reach about 4 million small businesses. That does not mean all of them will automatically join the banking system, but it indicates the size of the segment for which existing products may have been too rigid.
For banks, the key issue is not only the new account category, but also the onboarding process. The Mexican Banking Association argued during the consultation that the strategy should focus on optimizing the already widely used Level 2 account and considered a Level 2 Bis format, since building an entirely new product would require additional regulatory, operational, compliance and customer service adjustments.
SPEI Becomes the Backbone of Everyday Transfers
SPEI, the Interbank Electronic Payment System, is central to the reform. It is the infrastructure developed and operated by the Mexican central bank that allows individuals and businesses to send and receive electronic transfers through online and mobile banking within seconds.
The rules are also linked to simplifying mobile transfers. The draft indicates that banks must assign relevant identifiers to accounts, including the standardized CLABE bank number, and support mobile phone number association in defined cases. This should reduce reliance on long account details and make transfers closer to a standard mobile payment experience.
For the retail economy, this is critical. A small merchant can accept cards, SPEI transfers, QR-code payments or phone-number transfers only if banking infrastructure does not add unnecessary steps for customers. The simpler the operation, the less likely a buyer is to fall back on cash.
Mobile Banking Apps Face a Push for Standardization
Another part of the reform is the standardization of transfer flows in mobile banking apps. This does not mean forcing all banks to use one design, but rather creating a more understandable sequence of actions that reduces the risk of user error in payment references, account details or transfer methods.
For the financial sector, the issue is sensitive. Banks compete through app quality, transaction speed and payment registration tools. But highly divergent user journeys create fragmentation: the same transfer may require different steps depending on the bank, slowing mass adoption of digital channels.
The central bank is effectively trying to separate service competition from basic payment infrastructure compatibility. Users should understand how to send money regardless of the bank they use. In a country with a large informal sector, this may be as important as the account limits themselves.
Banks Gain New Opportunities and New Costs
For credit institutions, the reform opens access to millions of potential small-business customers. Once an entrepreneur starts accepting digital payments, the bank gains not only account balances, but also transaction history and the ability to offer acquiring, credit, insurance, cash-management tools and financial control services.
The costs, however, will also be significant. Banks will need to update customer identification procedures, limit controls, transaction monitoring, anti-money-laundering systems and risk models. The simpler the account-opening process becomes, the greater the burden on automated verification systems.
The distinction between cash and electronic inflows is especially important. A 3,000 UDIS cap on cash deposits reduces the risk that the new account will become a vehicle for large volumes of unreported cash. At the same time, the overall limit of up to 15,000 UDIS makes the product more useful for genuine commercial activity, where non-cash payments can quickly exceed previous thresholds.
The Reform Could Reshape Competition With Fintechs
Fintech companies and electronic payment institutions in Mexico already compete with banks for customers seeking simple digital wallets, instant transfers and low-cost payment acceptance. The new rules could strengthen banks if they can offer small businesses a product with comparable simplicity and stronger regulatory credibility.
The impact will not be automatic. If account opening remains complex, mobile interfaces are overloaded and fees are unclear, entrepreneurs will continue using cash or alternative payment tools. The success of the reform will therefore depend not only on the text of the rules, but also on how banks implement them.
Trust will be a decisive factor. Small businesses often fear that formal payments will lead to higher tax exposure or inspections. Without parallel communication and education, higher limits may not deliver the expected effect, even if banking infrastructure becomes technically more accessible.
Mexico Prepares Payments Infrastructure for Digital Commerce Growth
The timing matters. Mexico is preparing for higher tourism and consumer activity, including events around the 2026 FIFA World Cup, which it is hosting together with the United States and Canada. For cities, small retailers, cafés, transport providers and service companies, the ability to accept digital payments quickly is becoming part of competitiveness.
The expansion of digital payments is also tied to financial inclusion. The more transactions pass through the banking system, the greater the transparency of turnover, the better the quality of credit assessment and the broader the access to financing for businesses. For an economy with a large small-business base, that may become the reform’s longer-term effect.
The regulator, however, will have to maintain a balance between convenience and control. Simplified accounts must be accessible enough for entrepreneurs to use, but protected enough not to create new risks for the banking system.
As experts at International Investment report, Banxico’s new rules look like a pragmatic attempt to expand digital payments without abruptly dismantling existing financial-control procedures. The critical risk is that higher limits alone will not move small businesses into cashless transactions: unless banks simplify onboarding, reduce operational barriers and explain the tax implications to entrepreneurs, the initiative may remain an infrastructure reform with limited behavioral impact.