CoDi: Mexico launches its QR-based payments system

Today, Mexico is launching its digital payment platform , CoDi . The platform aims to reduce cash payments through the use of smartphones and QR codes .

What is CoDi?

CoDi

will allow users to make payments for up to MXN $8,000 in seconds.

To use CoDi , users have to access their bank app , select CoDi , and select the option “make payment” or “collect.”

This way, the client will receive an amount and the app will generate a QR code that will be scanned by the phone and the transfer will be completed in seconds.

The Bank of Mexico will launch CoDi throughout the country and hopes that banks promote its use among their clients and reinforce the strategy to implement its use in small businesses.

Starting today, banks will have to provide the CoDi option on their apps .

Although the 33 banks with a presence in Mexico are required to provide the platform to their clients, only BBVA, Santander, CitiBanamex, Banco Azteca, Banregio, and BanBajío have made developments for its implementation. The institutions that don't implement the payment could receive sanctions.

CoDi

aims to bring more people into the formal financial sector.

Financial inclusion is key to eradicate inequality in Mexico

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