The Central Bank of Mexico (Banxico) is promoting digital payment services in the country with the aim of encouraging financial inclusion, as well as creating the necessary conditions before the launch of the digital peso or central bank currency (CBDC).
In this framework, Banxico's revamped system, known as CoDiCel or Pago Cel, has approved the same infrastructure as the Interbank Electronic Payment System (SPEI). Users will be able to transfer money very quickly with a cell phone. The innovative project, carried out together with private banking, promises to improve all banking transactions. In addition, it will create a huge database through SPEI, which will enable the central bank to facilitate money transfers ahead of the planned issuance of the digital Mexican peso in 2024.
Othón Moreno, Director of Policy and Studies on Payment Systems and Market Infrastructure at the Bank of Mexico, reported that work is underway to launch the project as soon as possible and is expected to be ready by the end of the year.
If the central bank's plans go according to schedule, Mexico will be one of the first countries in Latin America to launch a CBDC.
