Mexico: Adopted Provisions Applicable to Electronic Payments Institutions

On 28 January 2021, the Provisions amending the Law to Regulate Financial Technology Institutions were adopted by the Mexican Central Bank. In Article 49, the provisions require the providers of electronic payment services to obtain authorisation from the Bank of Mexico and the Comisión Nacional Bancaria y de Valores (CNBV), by providing a description of the service processes and the draft contracts for the provision of services. In Article 50, the provisions require providers of electronic payment services that surpass a certain threshold in terms of users or transfer value the obligation to establish a multi-scheme settling. In particular, the providers are requested to maintain multiple institutions in different countries that allow the electronic payment service to continue working in the case of an interruption order by the foreign country.