Actualidad Uruguay

Electronical payment systems and financial Inclusion

Act 19.210/2014

This legal provision, as in other countries in the region (Colombia and Peru), seeks to ensure financial inclusion of disadvantaged segments of the population and those who have not been traditionally catered to by banking. It sets forth measures on:

  • Establishing mandatory payment of wages and pensions through a bank account using debit cards or e-money (prepaid cards) in the formal financial system
  • Free opening and maintenance of accounts for workers and SMEs
  • Granting "payroll loans" that can be deducted from wages
  • Reduction in value-added tax for card payments
  • Restrictions on cash payments
  • A savings program for house purchase
  • E-money Issuers

Aspects highlighted in this law include constraints on the use of cash, expressly prohibiting its use in certain business transaction, such as the sale of goods or services for a sum equal to or above $5,000 if one of the parties meets the law’s specifications, and in certain transactions with the State.