Mexico to help unbanked consumers ditch cash

Tuesday 19 February 2019 13:28 CET | News

The Mexican government has announced measures aimed at making financial services more affordable for the unbanked population.

According to Reuters, the government is planning a digital payments system run and built by the central bank. It will allow Mexicans to make and receive payments through their smartphones free of charge. A pilot rollout for the platform, known as CoDi, is expected by March 2019.

An estimated 42 million Mexicans lack bank accounts. Fees and scandals have put many off the country’s mainstream banks, while many people avoid accounts to stay off the radar of tax collectors.

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Keywords: Mexico, unbanked, mobile payments, cash, CoDi
Countries: World