Mexico joins Better Than Cash Alliance for digital payments

Mexico has joined the UN-based Better Than Cash Alliance in a bid to speed up adoption of digital payments.

Mexico joins Better Than Cash Alliance for digital payments

The move comes after the Government of Mexico introduced a national policy on financial inclusion that included a call for the country to use technology to cut its dependence on cash.

A study by The Better Than Cash Alliance revealed that the Mexican government can save $1.3bn per year by digitising its own payments from cash.

Nearly 107 million of the 120 million population in the country own mobile phones. Better Than Cash Alliance is planning to harness the popularity of mobile channel for digital payments.

Mexico Minister of Finance and Public Credit Luis Videgaray Caso said: “There is a tremendous opportunity for financial inclusion in front of us that we must seize to build on the momentum of the new National Policy on Financial Inclusion.

“Integrating digital payment technology across all agencies of Government is key to this, and the other benefits of efficiency and cost savings, are too valuable to ignore.

“This new commitment to The Better Than Cash Alliance, which helps implement both our National Policy on Financial Inclusion and our National Digital Strategy, will improve lives for all of our people and contribute to inclusive economic growth.”