The Mexican Government is building on its successful economic growth and new financial inclusion policy by pledging to increase the ability of citizens, businesses and the government to make and receive digital payments. By joining the United Nations-based Better Than Cash Alliance, Mexico will propel inclusive growth, empower women and grow the country’s GDP.
The announcement comes shortly after Mexico’s Government unveiled its National Policy on Financial Inclusion that included a call for the country to use technological innovation for financial inclusion and reduce the use of cash.
The existing use of digital payments already brought around USD 8 billion boost to Mexico’s GDP between 2011 and 2015, according to a recent Moody’s Analytics report. This indicates there is big potential for greater growth. Research conducted by The Better Than Cash Alliance also found that by digitizing its own payments from cash, the Mexican Government saves an estimated USD 1.3 billion per year.