What is SPEI? Full Payment Method Definition - Ikajo

What is SPEI?

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SPEI is a hybrid payment system that was created by the Banco de Mexico. It has been operating since August 2004. The term stands for the Interbank Electronic Payment System. Using it, customers get an opportunity to complete instant payments electronically via a bank or online at any time, 24/7.

SPEI transfers money between bank accounts almost immediately. It saves lots of time, making it a preferred payment method for all sorts of transactions. Nowadays, people don’t need to wait or go anywhere to pay rent or gym fees. SPEI allows paying for mortgage, school, car loan, and many other types of fees. It’s also possible to send funds to another person, all in a matter of seconds.

What are the benefits of SPEI?

  • The payment system is widely used for large-value transactions because it delivers numerous benefits, namely:
  • The system offers real-time transactions. All money transfers happen within a minute. It’s very convenient for online shopping because as soon as the operation is complete, both customers and merchants receive notifications;
  • The payment status is always available because SPEI employees make sure the system works smoothly all the time. All mechanisms and algorithms work synchronically;
  • All payments and transfers are safe because they happen via a private, protected network;
  • Merchants are sure to appreciate such benefits as no chargebacks and a sophisticated fraud protection system;
  • Remarkable nationwide network performance, as well as functionality, prove SPEI delivers seamless, reliable operations.

The system is always in high demand. During working hours, it clears low-value transactions every 20 seconds. Both merchants and customers prefer to use this payment system for monetary transactions.

How to use SPEI?

Before using this payment system, a person needs to have two main elements. First of all, one needs to have a bank account with Internet or mobile services support. Secondly, a person must have the receiver’s information. At least one of the following characteristics can be used:

  1. A 16-digit debit card number;
  2. An 18-digit Standardized Bank Code/ CLABE;
  3. A 10-digit phone number.

SPEI is convenient and works like most other online banking solutions. Every procedure is fast and requires a user to access their accounts, pick the payment type, and deliver the required information. The latter includes the type of payment and the transferred sum of money. Immediately after the money is sent, customers receive a receipt that contains all data about the transaction.

Why should merchants add SPEI?

Merchants who think about localizing their payment strategies could add SPEI to the list of payment methods to help customers pay online. Far from all online shoppers wish to use their credit or debit cards on the Internet. This technology, however, offers a secure solution. Mexican customers still don’t trust the Internet and avoid sharing their personal or banking information on the web. However, the constant growth of the eCommerce market and new appealing offers make it very tempting to buy goods and services online. Merchants who add SPEI may attract new customers who prefer alternative payments.

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