The Bank of Mexico published two regulatory modifications in the Official Gazette to standardize banking apps and create Nivel 2 Bis accounts for small businesses.
The reforms to Circular 3/2012 and Circular 14/2017 require financial institutions to offer a simplified and standardized experience for transfers through mobile apps. The goal is to promote the use of SPEI, CoDi and DiMo.
The new Nivel 2 Bis accounts will allow micro and small businesses to receive up to 15,000 UDIs per month, of which at least 12,000 must come from digital payments. This equates to approximately 132,000 pesos, with a minimum of 105,600 pesos in electronic means.
The application of the rules will be gradual. Banks have a deadline of December 14 to implement the changes and adapt their technological systems.
Banxico stated that the measures seek to encourage greater adoption of digital payment methods and extend their benefits to broader sectors of the population.
