MEXICO CITY. Do you have a store, restaurant or business and charge mainly in cash? New legislation could change the way you receive payments. This Thursday, November 5, the Digital Economy Law for Digital and Electronic Payments came into force, published the day before in the Official Gazette of the Federation, which opens the possibility for certain economic sectors to stop accepting bills and coins as a regular form of payment.
The measure does not mean that cash is prohibited throughout Mexico nor that establishments must change their payment methods immediately. The legislation empowers the Ministry of Finance and Public Credit (SHCP) to define which strategic sectors and activities must exclusively accept electronic means, such as bank cards, transfers, QR codes and NFC technology. The question that now interests merchants and consumers is which will be the first businesses included in this provision.
The Treasury has 15 days to define the sectors
From the entry into force of the law, the Treasury has a period of 15 business days to determine the economic activities in which digital payments may become the only form of collection. Once this list is published, the competent authorities will have another 15 business days to issue the rules that will establish the requirements and adaptation periods for each sector.
Therefore, businesses should not assume that starting this Thursday they are obliged to reject cash. The application of this measure will depend on the activities selected by the Treasury and the specific provisions issued for each one. The legislation also provides that, in the event of technical failures or contingencies that prevent electronic payments from being processed, cash or checks may be used under the established conditions.
Government procedures will also change
The new legislation is not limited to private establishments. Federal, state and municipal governments must advance in enabling digital payment methods for their procedures and services, with the purpose of facilitating operations and expanding access to these tools.
Another change is related to financial services: the CURP Digital will be accepted as an identification mechanism to make financial contracts remotely. In addition, the Digital Citizen File is incorporated as a tool to facilitate the consultation of documents and information, with the authorization of users.
While the application of the regulations begins, business owners and consumers will have to pay attention to the provisions published by the Treasury. For now, cash will generally remain valid, but some sectors could begin a transition to digital-only payments.
Source: www.nvinoticias.com
