The new mobile transfer platform, Dinero Móvil (DiMo), of the Bank of Mexico has started operating, and users of the Interbank Electronic Payment System (SPEI) are preparing to use it. DiMo has the potential to enable small businesses to receive digital payments using only a phone number.

Instead of sending money to a Clabe account, users will enter the phone number of the recipient. This will significantly improve the payment experience, according to Jorge Vega, Marketing and Strategic Alliances Manager at STP, a Mexican fintech company.

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As more banks join DiMo and offer it to their customers, additional features can be added and a greater reduction in cash usage in the country can be promoted. This option will be available for small businesses, and STP is working on offering DiMo to fintech customers so that they can incorporate it into their digital wallets and offer it as a payment method.

BBVA Mexico is the first bank to officially use DiMo, and Santander will join this week. The Bank of Mexico is expected to launch its platform in the coming days.

STP highlights the significant growth of SPEI in its nearly 20 years of operation. In 2022, SPEI recorded over 2.8 billion transactions, reflecting exponential growth driven by the adoption of new technologies by fintech companies and also due to the pandemic.

The DiMo platform aims to simplify transactions and facilitate its use for those who are not accustomed to regular digital payment methods. STP emphasizes that DiMo has the potential to increase the number of transactions and promote digital payments among the general population.

What does it mean for Mexican fintech?

  • The introduction of DiMo presents new opportunities for Mexican fintech companies to offer innovative payment solutions and integrate them into their existing services.
  • DiMo can enhance the overall fintech ecosystem in Mexico by providing a streamlined and convenient platform for digital transactions, making it easier for fintech startups to attract and serve a larger customer base.
  • With the potential for increased adoption of DiMo among users and businesses, Mexican fintech companies have the opportunity to contribute to the ongoing reduction of cash usage in the country and promote a more digital-centric financial landscape.

What does it mean for Mexican startups?

  • Mexican startups can leverage the DiMo platform to expand their payment offerings and provide seamless digital payment experiences to their customers.
  • The integration of DiMo can open up new avenues for collaboration between startups and traditional financial institutions, fostering innovation and driving the growth of the fintech ecosystem in Mexico.
  • DiMo’s introduction can contribute to the overall digital transformation of Mexican startups, enabling them to operate in a more efficient and cost-effective manner while catering to the evolving needs of their target market.

For detailed information, visit: El Universal