Electronic payments in operations of less than 8,000 pesos, on the rise

During 2021, the Interbank Electronic Payment System (SPEI) registered an increase of 79% in payments of less than 8,000 pesos sent and received by third parties compared to the operations observed in 2020, Banco de México reported.

This is the second consecutive year of increase in transfers through this system of inter-institutional transfers, “which reflects a greater widespread use of this means of electronic payment,” said the central bank.

Within the Annual Report on the infrastructures of the financial markets for 2021, they highlighted that the availability of this system stood at 99.99%, “remaining at the highest levels since the beginning of its operation”, this on August 13, 2004 .

In the document they also review the management of the Interbank Payment System in Dollars (SPID) and the Digital Collection based on the technology of QR and NFC codes (CoDi).

The SPID, where dollar operations are carried out, more than 3.6 million operations were carried out in 2021, which represented a growth of 25% compared to the previous year. The central bank highlights “a growing adoption of the system, mainly derived from the needs of the clients of some participants. In particular, in December 2021, they registered 341,000 operations in said system, a figure that is 19% above the data observed in December 2020. The amount operated by the system in 2021 was approximately 277,000 million dollars. 29 unspecified financial entities participate in this system.

Gradual advance of CoDi

In the document they explained the evolution of the CoDi scheme. They explained that there are still challenges whose attention will allow to detonate its acceptance process as a means of payment, among which are making the processes of incorporation of technology companies more efficient, better aligning the incentives for the adoption of different participants and promoting the scheme among the population.

During 2021, they settled 2.4 million operations, which is equivalent to an increase of 142% compared to 2020.

As of June of that year, the growth in the use of CoDi has been gradual, achieving the maximum number of average daily operations in December, for 7,100 operations for an amount of approximately 900 pesos.

CoDi is a system of payment requirements for a service or product, through an application that runs on the SPEI road where all the market participants are. Its management has no cost and offers the unique opportunity to expand the coverage of financial services.

Remittances and support to migrants

The report dedicates a section to “Support actions for migrants” where measures aimed at promoting greater use of financial services aimed at the population are highlighted.

The case of the service known as Directo a México stands out, a mechanism for sending money from an account in a financial institution subscribed to the service in the United States to any deposit account of a SPEI participant in Mexico, a service provided by 54 financial entities in the country. .

ymorales@eleconomista.com.mx