Barbara Kotschwar, executive director of the Visa Economic Empowerment Institute: “Mexico is one of the most attractive markets for retail banking and payments growth in Latin America. It has a large population and a still-untapped market for financial services. Cash dominates the payments landscape, accounting for more than half of the overall payment transaction volume in 2022. Currently, less than 20 percent of micro businesses accept digital payments. Over the past decade, regulators and financial institutions have taken promising measures to improve financial inclusion and digital payments adoption, including by amending the law that regulates the terms and conditions under which financial and payment services are provided in 2014. In 2018, the country implemented a one-of-a-kind Fintech Law, leading to a boom in new fintech firms. The central bank is actively developing new functionalities for its domestic real-time payments platform, SPEI, and plans to launch a digital version of the Mexican peso by 2025. Acceptance of card payments has…”