The Business Year

Given that no one sole player can take over the challenge of digital payments, the different players must collaborate closely to compete with the only competitor in the market: cash.

Miguel Dí­az Dí­az

Director General, Interbank Electronic Payments System (SPEI)

To compete with cash, we need to generate products and services that will fulfill some of the needs of the actual population. The central bank has always been an operator of payment systems, and since 2004 we have had a payment system that is open to the general public so that people can do their transfers. We have been working on increasing capabilities that align with the new technological developments. We have a basic infrastructure that the entire private sector can join to and use. We need to allow this new diversity and creativity to bloom in the ecosystem so that new products and services can be generated. Our main challenge and objective in the development of the payment ecosystem in Mexico is to generate a level playing field for everyone, both from the perspective of infrastructure and from regulation. Another challenge is to make the benefits of this ecosystem evident to the people. We are always trying to maximize social welfare and balance the different interests within the sector. We want to have open finance looking into the future, where one does not need to use a banking app to start transactions, but can use a messenger app, email, or their phones.

Luz Adriana Ramí­rez Chávez

General Director, Visa Mexico

As a global payments technology company, Visa helps keep commerce running safely and securely. As digital has become the norm, payment security is a fundamental driver of trust for the consumers. Security is part of our DNA, from data protection, data devaluation—like tokenization—to involving all the players in the ecosystem, including consumers, to use their information responsibly and carefully. We reinforced our support to micro and small businesses, which generate around 45% of Mexico’s GDP and contribute nearly 68% of the employment, providing them with access to resources, payments’ technology and digital commerce to help them keep their businesses afloat, and even grow in the current context. New players—fintechs and start-ups—play a pivotal role in helping to restore and rebuild the global economy. Over the past years, Visa has been working with a wide range of fintechs from digital banks to fintech enablers in many programs to support them, like fast track supporting them on implementation processes and get licenses faster. We also have the Visa Everywhere initiative, which allows fintechs and start-ups to showcase their solutions and compete, and we can also bring them to our ecosystem.

Milena Pérez

Head of Latin America & Caribbean, Milena Pérez

In response to the rapid global changes, SWIFT is constantly evolving to meet customers’ demands and market expectations. As part of this evolution, we are building a new platform that will enable us to process international payments in a more agile way, while also offering transparency in terms of costs, from the beginning to the end of the transaction process. In terms of the payment flows in SWIFT’s Latin American network, Mexico represents 23.5% share of total traffic. Our main goal is to achieve instant and frictionless international transactions. Today, 5% of cross-border payments encounter friction, and that friction costs the financial industry EUR2 billion. At SWIFT, we have created a solution in the form of a pre-validation service. The service was launched recently, and we estimate that through the pre-validation of payment data, we would eliminate 65% of payment friction. In addition, we are focused on medium- and long-term growth and opportunities. If we compare our region to the rest of the world, we have sufficient territory to grow and evolve. The company has 1,000 customers connected to our network in Latin America, many of which have a desire to evolve. We see this desire through their investments in technology and development.

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