Mexican authorities will begin testing mobile payments in 2020, a move that could mark a major shift in the country’s mobile payment landscape.
The country’s government, led by President Enrique Pena Nieto, is also aiming to expand the number of mobile payment platforms by introducing new payment terminals that are expected to be built in partnership with international banks.
The announcement comes after a long-delayed launch of a new mobile payment system called M-Pesa.
The plan was to launch M-Pay in 2019 but the government cancelled it in February 2020 amid a crisis of confidence that resulted in more than a dozen people losing their jobs.
The government said the delays were caused by a technical glitch and that M-pesa would be ready in 2021.
The government has also begun work on the development of the countrys next-generation mobile payment platform called Meximax, which will provide faster payments by allowing users to add multiple payments at once, and is expected to launch in 2021, Meximo said in a statement on Thursday.
M-PESA and Mexisimax were developed with cooperation from Mexico’s financial institutions, which are responsible for managing the countryís banking system.
The countries central bank, which is part of the Mexican government, has pledged $1 billion to help Mexiasimax be developed.
The project is being funded by Mexico’s central bank and private sector, and the country hopes to see the two services available in all the countryd regions by 2020.
The announcement follows a series of steps by Pena’s government to expand M-pay and M-pal in recent months.
Meyimax will allow users to make payments using their smartphones using either the M-pad or the M5 smartphone app.
M-passthrough payments will be offered by the MexiWallet service, which was launched last year to allow users of smartphones to send and receive money without needing to go through a bank.
Users will also be able to create an account on Meximalax, pay for services with the phone’s credit card and add a payment with their bank account.