Key Facts for Mexico
- Primary real-time rails: Sistema de Pagos Electrónicos Interbancarios (SPEI), Cobro Digital (CoDi), Dimo.
- Typical settlement times: Funds settle in seconds.
- Common limits: Varies by institution.
What “real-time payments” means in Mexico
In Mexico, real-time payments are electronic transfers processed instantly through the Sistema de Pagos Electrónicos Interbancarios (SPEI). Operating 24/7, SPEI was initially for large interbank transfers but now supports a wide spectrum of payments, including low-value retail transactions via its QR code-based extension, Cobro Digital (CoDi). While no formal legal definition is cited, the system functions as an indispensable public service for secure, traceable payments between bank accounts, allowing for immediate fund settlement for both individuals and businesses.
The system's architect and operator is Banco de México (Banxico), the nation's central bank. Banxico developed and continues to manage the SPEI infrastructure directly, without the use of subsidiary clearing houses. This centralized operation ensures high security and reliability for all transactions. While the specific messaging protocol for SPEI is not publicly detailed, the global trend for such systems is the adoption of the ISO 20022 standard for its rich data and interoperability (industry norm).
Though an early pioneer in real-time payments, Mexico now lags behind global and regional leaders in adoption and growth.
Payment Rail Overview
Sistema de Pagos Electrónicos Interbancarios (SPEI)
Launched in 2004, SPEI is Mexico's foundational real-time payment system, developed and operated by the central bank, Banxico. It facilitates instant, 24/7 electronic fund transfers between bank accounts, serving as the backbone for the country's digital economy. Initially for large interbank transfers, it now processes a vast range of payments, with transactions settling in seconds.
- Real-time settlement: Funds are processed and made available in the recipient's account within seconds of initiation.
- 24/7/365 operation: The system functions continuously, allowing for payments to be sent and received at any time, day or night.
- High security: Transactions are protected with advanced encryption, dynamic codes, and real-time fraud monitoring.
- Traceability: Every payment generates an Electronic Payment Receipt (CEP), providing a transparent and verifiable record of the transaction.
Pros
- Highly secure and reliable infrastructure operated by the central bank.
- Instant settlement improves cash flow for businesses and individuals.
- Lower transaction fees compared to many traditional payment methods.
Cons
- Does not natively support crypto or stablecoin settlements.
- Despite its age, overall adoption of real-time payments remains low compared to cash.
Cobro Digital (CoDi)
Introduced in September 2019, Cobro Digital (CoDi) is a payment platform built upon the SPEI infrastructure to promote digital payments for everyday retail and peer-to-peer transactions. It functions through QR codes and NFC technology, allowing users to make instant payments by scanning a code or tapping their device. This design aims to displace cash in low-value, day-to-day scenarios without needing a traditional bank terminal.
- QR code and NFC payments: Initiates transactions through scannable QR codes or NFC-enabled mobile devices, making it highly accessible.
- Built on SPEI: Relies on the speed and security of the underlying SPEI network for instant transaction settlement.
- Retail and P2P focus: Specifically designed to facilitate low-value payments between consumers and small merchants.
- User-controlled security: Requires explicit user validation for each transaction, adding a layer of security and control.
Pros
- Simplifies digital payments for in-person retail and P2P use cases.
- Lowers the barrier to accepting digital payments by using common smartphone technology.
- Reduces reliance on physical cash and expensive card terminals.
Cons
- Adoption has been modest, with a small percentage of validated accounts using it for payments.
- Faces challenges in a market where cash is still the dominant payment method.
Dimo
Dimo is a newer payment platform that also operates on the SPEI network, designed to make instant transfers even simpler. Its core function is enabling payments using only the recipient's 10-digit mobile phone number. This removes the need for users to exchange bank codes or card numbers, streamlining the peer-to-peer payment process significantly.
- Phone number transfers: Allows users to send money instantly using only the recipient's mobile phone number as the identifier.
- Simplified user experience: Abstracts away complex banking details to provide a straightforward payment process.
- Built on SPEI: Guarantees that transfers are settled instantly and securely using the established national payment infrastructure.
- Rapid growth: Has quickly attracted millions of users, indicating strong demand for a simplified payment method.
Pros
- Offers an exceptionally simple method for sending and receiving money.
- Has demonstrated rapid user adoption since its introduction.
- More secure than contactless card payments because it requires user validation for every transaction.
Cons
- As a newer platform, its long-term market position is still being established.
- Does not offer native support for digital asset or crypto payments.
Limits, Fees, and SLAs
- Operating Hours: Real-time payment systems like SPEI are available 24/7, offering transfers without specified cut-off times or service windows.
Compliance and Risk
KYC/KYB & AML
Mexico's 2018 Fintech Law mandates strict compliance for all entities handling virtual assets. Regulators like the CNBV and FIU require robust Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, including transaction monitoring and reporting of suspicious activities.
Data Residency & Privacy
While specific data residency rules are not prominent, all operations are subject to Mexico's data protection laws, overseen by the INAI. Secure storage of personal and transactional data is a core requirement, protecting user information with appropriate confidentiality.
Fraud Controls
Regulatory oversight focuses on preventative measures. Businesses must implement comprehensive internal controls, including ongoing risk assessments and independent audits. Systems like SPEI incorporate advanced encryption and real-time monitoring to detect and thwart fraudulent attempts, maintaining transaction integrity.
Recordkeeping & Audits
Mexican regulations mandate that all transaction and customer identification records be securely maintained for a minimum of five years, providing full traceability for authorities. Companies must also conduct independent audits to verify their internal compliance programs.
Lightning Network Integration as a Solution
The Lightning Network is a layer-2 payment protocol built on Bitcoin, designed for faster and cheaper transactions. It operates through a network of off-chain payment channels, settling final balances on the main blockchain. While local RTP rails like SPEI are highly efficient for domestic fiat transfers, the Lightning Network provides a complementary global layer. It acts as a bridge for international payments and connects different financial systems without traditional intermediaries, filling a critical gap for cross-border commerce.
While both systems offer settlement in seconds, the Lightning Network’s primary advantages are its cost structure and global scope. It supports micropayments with near-zero fees, a feat often uneconomical on other rails. Unlike domestic systems confined to a single country’s banking infrastructure, the Lightning Network is borderless by design. It offers a universal payment rail accessible to anyone with an internet connection, making it ideal for international transactions.
- Cross-border complexity: It bypasses traditional banking intermediaries, reducing costs and settlement times for international transfers.
- Scalability and high fees: By moving transactions off-chain, it supports millions of transactions per second at a fraction of the cost of on-chain payments.
- Digital asset settlement: Unlike fiat-only RTP systems, it natively processes Bitcoin transactions, providing a direct path for payments in digital assets.
For businesses aiming to operate in a global, digital-first economy, the Lightning Network presents a compelling path forward.
B2B Enterprise Use Cases
- Supplier Payments – A business pays its international suppliers instantly using Bitcoin over the Lightning Network, bypassing correspondent banks.
“Business value:” Drastically reduces cross-border transaction fees and settlement delays. - Merchant Settlement – A merchant receives customer payments in local currency, which are instantly converted and settled as Bitcoin via Lightning.
“Business value:” Provides immediate access to funds and eliminates chargeback fraud risk. - Treasury Optimization – A corporate treasury moves funds between international subsidiaries in real-time using Lightning to manage liquidity.
“Business value:” Unifies global cash positions and provides 24/7 liquidity management. - Global Payroll – A company pays its remote workforce and freelancers instantly with low-fee Bitcoin payments over the Lightning Network.
“Business value:” Simplifies global payroll and gives employees immediate access to their earnings. - B2B Micropayments – A company pays for API calls or data services on a per-use basis with automated, sub-cent micropayments.
“Business value:” Creates new pay-as-you-go business models for digital services.
Cross-Border Transactions and Remittances to Mexico
Cross-border real-time payments are challenging due to fragmented global systems. Reaching Mexico requires connecting disparate payment rails—a process called rail bridging—and finding efficient foreign exchange (FX) paths. These steps often involve multiple intermediaries, adding cost and delays. Working within Mexico’s strict anti-money laundering framework introduces further operational friction, complicating what should be a direct process and diminishing the speed and cost advantages of instant payments, particularly when dealing with jurisdictions that have their own complex rules.
- United States to Mexico: This is the world’s largest remittance corridor. Transactions primarily consist of personal funds sent by migrant workers, with flows totaling $4,761.2 million in April 2025 alone, a figure that fluctuates based on economic policy and exchange rates.
- Mexico and Central America: As a geographic and economic bridge, Mexico facilitates significant trade and remittance flows with its southern neighbors. Transactions support regional commerce and payments from migrant workers in Mexico to their families in countries across Central America.
- Mexico and India: This emerging corridor is increasingly important for B2B payments in the technology and service sectors. Transactions here face a dual regulatory burden, as businesses must work within the distinct compliance frameworks of both nations.
The Lightning Network addresses these issues by using Bitcoin for settlement. It creates a direct, global path for payments, bypassing traditional intermediaries. This structure dramatically reduces both transaction fees and settlement times from days to mere seconds, offering a superior model for international commerce.
How Lightspark Makes Integration Easy
Lightspark helps fintechs, digital banks, wallets, and exchanges connect to the Lightning Network with enterprise-grade infrastructure. We manage the operational complexities of the network, including dynamic liquidity, optimized transaction routing, and adherence to global compliance standards. Our robust developer tooling abstracts away the underlying difficulties, allowing your teams to build and deploy global payment solutions quickly. This approach lets you offer your customers sub-second settlement globally without dedicating extensive internal resources to network management. To explore how you can expand your payment capabilities and build on the future of money, Talk to our team.
Sources and Further Reading
- https://www.aciworldwide.com/real-time/mexico - Mexico's real-time payment adoption lags.
- https://www.bbvaresearch.com/en/publicaciones/mexico-remittances-drop-121-in-april-compared-to-the-previous-year/ - Mexico remittance data for April.
- https://business.bitso.com/en/blog/the-secret-to-mastering-electronic-payments-in-mexico?hsLang=en - Overview of Mexico's SPEI system.
- https://www.lightspark.com/contact - Contact the Lightspark sales team.
- https://www.lightspark.com/knowledge/is-crypto-legal-in-mexico - Mexico's crypto legal, regulatory status.
- https://www.lightspark.com/knowledge/what-does-the-lightning-network-do - Explains the Lightning Network protocol.
- https://www.lightspark.com/news/insights/what-are-lightning-payments - Lightning Network's near-zero fee payments.
- https://mexicobusiness.news/finance/news/digital-payments-mexico-new-era-trust - Digital payments as public service.
- https://www.transfi.com/blog/mexicos-payment-rails-how-they-work---inside-spei-codi-the-digital-shift-in-latin-americas-fintech-hub - Details on Mexico's payment rails.
