What is CoDi and how does it work? Banxico's system for mobile payments

CoDi® It is a platform developed by Bank of Mexico To facilitate payment and collection transactions via electronic transfers, quickly, securely, and efficiently, through mobile phones. It operates 24/7, for amounts up to 8 pesos, and without charging commissions.

CoDi® It uses code technology. QR y NFCTo make it easier for both businesses and users to carry out cashless transactions. Here's more information about these technologies:

• QR technology (Rapid Response) consists of a barcode (like those found on supermarket items) whose data is stored within a square. This allows for the storage of a large amount of information, which can then be read and displayed by an application (app) on a mobile phone. This code can be static at a business or generated for each transaction.
• NFC technology (Near field communication) is based on the transmission of data and information, simply by bringing two mobile devices close to each other.

Benefits of CoDi

The benefits of accepting payments with CoDi® include:

• Fast, secure and efficient transfers: CoDi® transactions are completed in seconds; any time, every day, including weekends!
• No chargebacks: Since CoDi® transactions are explicitly accepted by the buyer, you avoid chargebacks.
• Immediate availability: The money is reflected in your account immediately, just like cash.
• No costs: Transactions via CoDi® do not generate additional fees.
• Greater control of your finances and access to tailored financial services: You will be able to generate a transaction history that will allow financial institutions to offer you services according to your needs.

How to collect and pay with CoDi?

In simple terms, to pay with CoDi, a user must open their bank's application, access the application and there they will have the options "pay or receive".

Thus, the customer will write the amount and the application will generate a QR code which will be read by the camera of another phone and in a matter of seconds the transfer will be made via SPEI.

To use CoDi, you need a smartphone with an internet connection or that allows the use of NFC technology, with the user's bank's mobile application previously installed.

At the same time, a requirement is that users must have a bank account. Currently, several banks allow users to open an account through their mobile applications without needing to visit a branch; they only need to have their voter ID information up-to-date and valid.

Institutions where I can use CoDi®

Participating institutions of SPEI®, e-commerce businesses, and service providers will be part of the CoDi® ecosystem, which allows the benefits to be extended to a greater number of people.

See here the requirements to participate in CoDi® as entities other than SPEI Participants.

The obligated participants are: ABC CAPITAL, ACTINVER, AFIRME, AUTOFIN, AZTECA, BANAMEX, BANCO FAMSA, BANCOPPEL, BAJIO, BANJERCITO, BANORTE/IXE, BANREGIO, BANSEFI, BANSI, BBASE, BBVA, BMONEX, CIBANCO, COMPARTAMOS, CONSUBANCO, DONDE, HSBC, INBURSA, INMOBILIARIO, INTERCAM, INVEX, MULTIVA BANCO, PAGATODO, SABADELL, SANTANDER, SCOTIABANK, VEPORMAS and VOLKSWAGEN.

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