Central Bank of Mexico presents platform to pay from the cell phone


MEXICO CITY (Sputnik) – The Bank of Mexico presented the Digital Collections (Codi) platform for mobile telephone devices as a new "secure and real-time" means of payment through transfers, the governor of the institution responsible for the monetary policy, Alejandro Díaz de León

"It is necessary a mobile device that has the application of CoDi, as well as the ability to generate and print static QR codes (digital barcodes), through the device's camera, and have an institution deposit account" , said the head of state-owned Banxico.
The head of the Government Board of autonomous state bank said that the system will benefit those who buy and charge.
"Both those who charge and those who pay must register on the CoDi platform" to make payments in real time and at no cost, he explained.

Compared to him Interbank Electronic Payment System (SPEI), the new system can be considered as a rail through which individuals and businesses are connected, and with the new CoDi "the central rails of these payments are extended".
The operations will be "simple, immediate, no cost", for the settlement of payments in real time, without waiting times or cash transfer.
Banks participating in the SPEI may offer the reception and processing of "payment messages from the CoDi platform".

The four stages of implementation consider, first, to inform the public; second, motivate people to try this technology; in a third stage install CoDi on mobile devices; and finally it is used on a daily basis.

The threshold for payments will be up to 8,000 pesos, almost 400 dollars, which covers a high percentage of daily payments.
A total of 29 banks began operations, of which 27 are commercial.
The initial goal of the Association of Banks of Mexico (ABA) is for the 37 million people who have an account to operate CoDi by 2022.

In the country there are 95 million adults, 37 million of them have a bank account (39%) and 70 million smart phones circulate, of which 58 million belong to adults, with the potential for banking of 34 million people.

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