With growth of 20% YOY, one scheme in place and a more advanced network set to launch by 2021, the Mexican IP market will see tremendous expansion in the coming years. Its current system, Sistema de Pagos Electrónicos Interbancarios (SPEI), is a real-time EFT system which launched in August 2004 and operates 24/7/365. Owned and operated by Banco de México, Mexico’s central bank, it enables both low- and large-value P2P, C2B and B2B transfers.
SPEI settles funds in near-real time, with participant banks obliged to send customers’ payment orders up to 30 seconds after an order is made, while recipient banks are required to credit payments within 30 seconds of receipt. The system enables fund transactions directly between accounts through a variety of different channels including online banking, mobile banking and bank branches. All banks and non-bank financial entities regulated and supervised by Mexican financial authorities are eligible to participate in SPEI.
The Mexican Central Bank has also recently launched CoDi, a digital payments platform which allows individuals to buy and sell goods through SPEI without commissions or fees. This is part of ongoing plans to reduce reliance on cash while promoting financial inclusion.