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In-depth information to be found in the Cross-border Ecommerce Report- Mexico
Mexican ecommerce has been affected by the appointment of the Comisión Nacional Bancaria y de Valores (CNBV) as supervisor of the payment system and the Mexican Central Bank (Banxico) as the main regulator.
Traditionally, Mexican banks autoregulated themselves and set the rules of the Mexican payment system through the Asociación de Bancos de Mexico (ABM). The Mexican government however wanted to have an external body regulating the market. Therefore on November 2013 it approved a financial reform and appointed the CNBV and Banxico as the new regulators of the payment system. On March 2014, Banxico published the Payment Provision which identifies the different players, sets the rules to enhance the use of credit and debit cards, and creates several transparency benchmarks.
The only new players that Banxico identified were the PSP-s (Agregador in Spanish). This recognition is key in the authorities’ strategy to enlarge the number of merchants that accept credit and debit cards. There are already different PSPs convincing small merchants (restaurants and convenience stores for example) to accept card transactions through their platforms. Furthermore, Banxico has begun to track some key indicators of the market including the number of credit and debit cards, their use during the last months and the different acquiring fees set for each industry. The aim is to get greater transparency and to lower payment costs.
More in-depth information (including sources) about ecommerce law, privacy and data protection, consumer protection, digital signature, custom and duties, electronic contracting, computer crime and intellectual property can be found in the Cross-border Ecommerce Report – Mexico.
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