Mexico's Senate approves a digital payments law

Of payments made in cash

94 %

The law, proposed by President Claudia Sheinbaum, aims to cut cash use in a country where half of workers are in the informal economy and 94 per cent of payments are made in cash.

Cash is not banned, but the law aims to reduce the number of cash transactions, and cash or cheques stay allowed when a disaster knocks out payment systems.

What's next

Once the government publishes the law, the finance ministry has 15 days to decide which sectors will accept only digital payments.