The Ministry of Finance and Public Credit (SHCP), the Association of Mexican Banks (ABM), and several voucher card companies have signed an agreement to eliminate transaction fees for credit, debit, and voucher card payments at gas stations across the country. The measure, aimed at reducing costs for end consumers, will take effect on May 1.
As reported by expansion.mx, Finance Secretary Édgar Amador Zamora explained that the fees currently applied to service stations are passed directly on to the user. The official noted that this agreement complements existing subsidies for gasoline and diesel.
The reduction plan focuses on three main pillars. First, the ABM will significantly reduce fees for credit and debit cards by eliminating the interchange fee, which accounts for 8/10 of the total commission cost. Second, voucher card companies will apply a discount of 1.10 pesos per transaction within the transport and logistics sector.
Finally, regulatory authorities, including the CNBV and Banxico, will allow this operational scheme to remain in effect from May 1 through October 31 of this year.
Benefits for credit history and direct savings
ABM President Emilio Romano described the measure as an investment to expand the benefits of credit in Mexico. According to the executive, using digital payments increases transparency and helps users build their credit history.
“From a card payment perspective, it is more transparent, has lower costs, and builds credit history, offering the possibility of accessing loans, which is one of the banking sector's objectives,” Romano stated, according to expansion.mx.
In terms of real savings, debit card transaction fees will drop from 0.45% to 0%, representing an average saving of 2.57 pesos per transaction. For credit cards, the fee will decrease from 1.00% to 0%, resulting in a savings of 7.45 pesos per transaction.
For open-network voucher cards, the rate will also drop to 0%, while closed-network cards will see the previously mentioned fixed discount of 1.10 pesos.
Mexican President Claudia Sheinbaum Pardo stated that the goal is to achieve 100% digital payment adoption at both gas stations and toll booths by September. The President emphasized the direct impact this will have on citizens' wallets.
“If you go to a gas station and pay by card—suppose the bill is 300 pesos plus the card fee; 2.57 pesos per transaction—now those 2.57 pesos are saved by the consumer,” Sheinbaum specified during the daily 'Mañanera' press conference.
