North America

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.



  • Consumers
  • Banks
  • Merchants
  • Billers



Population banking level


Number of debit, credit and charge cards per adult


Index to global average



Key statistics


IP launch year

Immediate payments types

Single instance, bulk payments

Initiation & authorization

Bank account, mobile number, QR code


Message standard









% of adults who have a mobile wallet and have used it in the past year

Share of volumes by payments instrument



Spend (USD)

  • Paper-based payments
  • Electronic payments
  • Immediate payments

Immediate payments volume and its share in overall non-paper-based transactions, 2014-24f

% of total electronic payments transaction volume


Mexico’s IP scheme has a long history and far reaching adoption across all types of companies, but is still growing and expected to continue that growth in the future.

Though SPEI offers IP, the current relationship of transaction volumes to spend indicates that it is mainly used for high-value transfers, such as wires, and not for the more traditional lower-value payments typically processed by IP schemes worldwide.

The introduction of CoDi in 2019 may help to address this, as it limits transaction values, forcing more traditional IP transactions rather than wire transfers. Plus, CoDi operates via mobile wallet, enabling users to make in-store and online purchases, which provides broader use cases for traditional IP. Considering the above, combined with historically high levels of paper-based payments, the IP market has strong potential for growth in Mexico.

ACI’s take

Mexico has seen steady growth with its current real-time system. This is thanks in part to a collaborative approach, including a focus on open banking and the prioritization of use cases beyond P2P through its highly successful digital initiatives.

It’s likely that Mexico will need to follow other early adopters and consider how a real-time system based on the ISO 20022 standard could further enrich its value-added services.

This would drive growth in the P2P and merchant space, as well as provide interoperability with future pan-regional or cross-border schemes. As many of Mexico’s neighbors and biggest trading partners begin or accelerate their real-time journey, interoperability will become ever more critical.


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