The increasing incursion of technology and competition in the financial sector generate benefits for users in the adaptation of new payment methods and transfers, and as an example is that during August, more than a third of bank transfers through SPEI were less than 400 pesos.
Of the 240.4 million electronic transfers made last month, 80.9 million were for amounts less than 400 pesos.
The foregoing was driven by the increased use of mobile applications by both banks and fintechs, as well as the increased use of this means of payment among young people, according to a report by the National Commission for the Protection and Defense of Service Users. Financial (Condusef).
“The growth of payments via SPEI is the growth of internet transactions, fundamentally from banks and aggregators such as PayPal,” Oscar Rosado, president of Condusef, told Expansión.
For the official, after the pandemic, Mexicans began to adopt digital means of payment, first for a health issue but seeing its usefulness and comfort, they decided to continue using transfers as a means of payment.
Another reason for the increase in payments through transfers last August, according to Rosado, was the fact that more and more young people are being added to the financial system through fintechs or regulated entities.
In the accumulated of the last 12 months, which covers from September 2021 to August of this year, 2,296.5 million operations have been made through SPEI.
By ranges, transactions between 1,000 and 8,000 pesos lead this type of transaction with 790.7 million transactions, while shipments of less than 400 pesos hold second place, with 753.7 million transactions.
What is SPEI?
This is the Interbank Electronic Payment System (SPEI), which began operating on August 13, 2004. This system allows fund transfers between its participants such as banks, brokerage houses and individuals.
With SPEI you can pay tuition, rent, the monthly fee for the gym, pay your credits and make transfers to your loved ones.
Some banks allow you to schedule your payments to be made automatically.
How much money can I transfer through SPEI?
Although some banks ask you to stipulate a limit amount in your app or in the bank itself, express transfers have a limit of 8,000 pesos.
Once you make the transfer, it takes up to 30 seconds to be reflected in the account.