Business · Companies · 4 hrs ago

Mexico’s fuel stations will have to stop accepting cash

Mexico’s fuel stations will have to stop accepting cash

Mexico’s new Digital Economy Law requires fuel stations to stop accepting cash and take electronic payments, including bank cards and digital payment services.

The law has passed both houses of Congress and has been sent to the executive branch for approval and publication.

The change will not start immediately because officials still need to set an implementation schedule and technical requirements.

Stations will need suitable payment terminals, reliable internet, secure systems and updated electronic billing, which could increase their costs.

Rural stations face greater hurdles where internet access is limited and customers, including farmers buying diesel, often pay in cash.

Banks’ fees for processing payments could add to the financial pressure on station operators.

The requirement is intended to make fuel and money flows easier to trace, but the sources do not give a start date or details of how fees will be set.

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What people are saying

Ricardo QuirozPresident of the Mexican Association of Service Station Suppliers (Ampes)
They will have to invest or strengthen their systems because there will be a scale-up of payment equipment at stations, as well as cybersecurity and electronic invoicing. The station’s own infrastructure will definitely have to be strengthened to handle a greater number of electronic payments.
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Service stations have historically handled a large flow of cash, even though they have many alternatives and payment methods; at many stations, most payments are still in cash.
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