Mexico City - Say goodbye to your wallet and make purchases from your cell phone with the help of CoDi. Officially launched last week by the Bank of Mexico (Banxico), the Digital Collections platform (CoDi), offers a secure, fast and efficient means of payment through mobile devices for purchase or sale of goods, as well as for the payment of services.
More than just an app, CoDi is a Bank of Mexico platform that intertwine banks, bank accounts, SPEI (Interbank Electronic Payment System) and QR codes, to reduce the use of cash and eliminate credit card fees while making transactions safer - all with the help of your smartphone.
According to Alejandro Díaz de León, governor of the Bank of Mexico, the use of CoDi is mandatory for all banking institutions with more than three thousand accounts. The Banxico website notes that some banks will have the CoDi platform enabled for their Android and iOS applications, while others will utilize the Central Bank's CoDi app.
The banks that already have the CoDi option in their mobile app, according to Banxico information, are: Afirme, Banco Azteca, Banco del Bajío, Banorte, Banregio, BBVA, Citibanamex, BanCoppel, Bankaool, Monex, Compartamos, Inbursa and Go For More (Bx +), Mifel, Pagatodo and Santander.
How does CoDi work?
• The CoDi platform will work 24 hours a day, 365 days a year. Its operation is based on QR (Quick Response) code technology, so once you have the application from your bank or Banxico installed on your phone, just scan the codes of the products and services you wish to purchase to make the payment - and without paying any commission.
• The user's financial institution validates the transfer and both buyer and seller receive a message with the payment notification.
• The CoDi platform will also use NFC (near field communication) technology that is based on the transmission of data and information by simply bringing two mobile devices together, usually cellular and point of sale terminals.
• The maximum transaction that can be made through this system is $8,000 Pesos.
Banxico estimates that by the end of this year there will be 1,389 registered users making 1,886 transactions through CoDi. By 2020, these numbers are estimated to grow to 18,121 people who will perform around 27,934 operations using this technology.