CoDi

CoDi (Cobro Digital) is a national digital payment infrastructure developed and operated by Banco de México, the central bank of Mexico, not a private fintech company. Launched on September 30, 2019, CoDi was created to promote financial inclusion, reduce cash usage, and facilitate secure instant electronic fund transfers in Mexico. The platform operates as an extension of the SPEI (Sistema de Pagos Electrónicos Interbancarios) interbank payment system and allows users to make and receive payments in real time by scanning QR codes or using push notifications through their mobile banking applications. CoDi is available 24 hours a day, 365 days a year, and charges no commissions or fees to users. Transactions are limited to 8,000 Mexican pesos per transaction, though there are no daily or monthly transaction limits. The system was developed in collaboration with the Mexican Bankers Association (ABM) and AMSOFIPO, with over 30 participating banks and financial institutions including BBVA, Santander, Banorte, HSBC, and others. Users need a bank account with a participating institution and a smartphone with internet access to use the service. CoDi enables both in-person and remote e-commerce payments through direct bank-to-bank transfers, eliminating the need for point-of-sale terminals or credit cards. The platform also supports third-party developers and merchants who can integrate CoDi payment functionality into their applications and e-commerce platforms through APIs. While CoDi has achieved significant adoption progress since launch, challenges remain in terms of widespread merchant acceptance and consumer awareness compared to cash and traditional payment methods in Mexico.