Mexico switches on national NFC and QR instant mobile payments platform

2 smartphones held in hands being used to make qr payment
INSTANT PAYMENT: Codi enables Mexican consumers to make NFC or QR payments via their mobile banking app

Mexico’s Cobro Digital national mobile payments platform — known as CoDi — is now live across the country, enabling consumers to make NFC and QR payments via their mobile banking app and letting merchants receive funds instantly with no commission charges to pay.

Codi has been developed by Mexico’s central bank, Banco de México, and all members of the country’s Interbank Electronic Payment System (SPEI) with more than 3,000 customer accounts are required to offer the system to their customers.

Twenty three financial institutions now offer both Codi mobile payments and mobile acceptance and a further six are offering just mobile payments.

Codi is designed to enable consumers and merchants to request and make payments, both online and in stores, in a simple, efficient and safe manner, Banco de México says.

No commission payments are due and funds are transferred instantly from one bank account to another.

Utility bills can also be settled using the service.

To use Codi, consumers simply need to have a current, deposit, savings or payroll account with a financial institution and to download their mobile banking app.

Payments can then be made via NFC or QR using any mobile device with an internet connection.

Merchants also just need to have a bank account and to download a merchant app to their smartphone.

A video, in Spanish, shows how Codi works in stores: