Mexico Launches CoDi, a New Digital Payment Platform for Financial Inclusion
The Mexican Central Bank, along with the Mexican Bankers Association (ABM) and the Mexican Association of Popular Financial Societies (AMSOFIPO) launched the digital payment platform Cobro Digital or CoDi (Digital Purchase), based on QR codes and near-field communication (NFC) technology used in mobile phones.
CoDi will allow individuals to buy and sell goods and services through the country’s SPEI system (wire transfers) which can be carried out 24/7. Transactions will not incur any commissions or fees even between different banks. There are currently 33 participating banks, and it is envisioned that other financial institutions will join the program voluntarily.