G20 Report 2025: Mexico (Wise)

Summary

• A total of 8 G20 members achieved the highest score of 5/5 for direct access of non-bank payment service providers in 2025.p.10
• Direct access to Mexico's SPEI payment system, which went live in 2004, was opened to non-banks through Banco de México Circular 4/2019.p.15
• Research by Consumers International shows that 57% of consumer bodies cite a lack of fee transparency as a key reason for consumer distrust in digital finance.p.9
• US consumers are projected to lose $19 billion in obscured foreign exchange markups in 2025, with potential growth to $46 billion by 2027.p.11

Key insights

1. A total of 8 G20 members received a 5/5 rating for enabling direct access to payment systems for non-bank payment service providers in 2025.p.10
2. Mexico retained its top 5/5 direct access score due to enabling non-bank financial institutions access through its Fintech Law framework.p.14
3. Mexico scored 2/5 on price transparency because consumer protection regulations lack specific enforcement mechanisms for disclosing foreign exchange markups.p.14
4. Banco de México established the regulatory framework for non-bank direct participation in payment systems via Circular 4/2019.p.15
5. The United Kingdom was the only G20 jurisdiction to attain a 5/5 rating on price transparency following updated FCA guidance.p.11
6. The United States was downgraded to a 3/5 score on price transparency following the rescinding of a CFPB circular on deceptive marketing practices.p.11
7. Australian consumers are projected to lose nearly $4 billion in hidden international payment fees in 2025.p.11