What are the CoDi® benefits for my business? Learn about the new way to pay in Mexico

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Financial inclusion, zero commissions, decreased use of cash and security against fraud, are the advantages of this new form of digital payment.

The COVID-19 pandemic has accelerated the adoption of technology in many aspects of our lives and when it comes to digital charges, it could not be an exception. During the confinement, the use of cash for financial transactions has shown a decrease in the country, revealed a study by Banco de México (Banxico).

According to the 2020 Telephone Survey: means of payment during the pandemic, of the total population consulted, 93% resorted to the use of cash before the Covid-19 outbreak, while after it it is 86%, a drop of seven points percentage.

During the confinement, transfers via the Interbank Electronic Payment System (SPEI), as well as the use of Digital Collection, better known as CoDi® increased. This means of payment was launched on September 30, 2019, and to date reports a total of 2,967,442 operations carried out, for an amount of 2,397 million pesos processed, according to data from Banxico as of September 22.

Advantages of CoDi® for your business

To date, there are 10,706,499 accounts associated with this new digital payment system, which has a lot of growth potential and multiple advantages for business owners.

This platform developed by Banco de México allows business owners to provide their customers with an easy, fast and secure payment method. In addition, it does not generate commissions to the buyer or the seller and transactions can be made 24 hours a day, every day of the year, all through a cell phone.

This platform allows flexible and secure electronic transfers between deposit accounts of individuals and companies using the SPEI payment infrastructure. Therefore, if you are paid with CoDi®, you will be able to settle your payments in real-time, avoiding waiting times of 24 to 48 hours to receive the money in your bank accounts.

It should be noted that with this payment platform you will provide greater security to your customers since payments are contactless, one of the trends that grows in the new normal, in the face of doubts about whether physical money is a means of contagion.

What kind of services can you pay with CoDi®? The platform does not have a restriction on the type of services or businesses that can use this new electronic payment method. Any person, physical or moral. Be it the general public; small, medium and large businesses can make a payment or a collection through an electronic transfer.

How to charge through CoDi®?

Getting started getting paid is a fairly straightforward process. Start receiving payments quickly and safely. You only need a smartphone with internet access, a bank account and download the app from the financial institution that provides the service (it can be Banco de México).

  • In the app you must select the option to make a payment through CoDi® and enter the requested data, which are generally amount, reference and payment concept.
  • A collection message will be generated that you must pass to your client through a QR code, using Near Field Communication technology (contactless), or through a notification.
  • This payment system allows you to make remote payments. Once you have generated the QR code with the payment information, you can send the image to your client through a messaging service or, with the CoDi® Banxico application,  you can send a notification to your client’s cell phone.
  • By clicking on this notification, the customer will be directed to their financial institution’s mobile banking application with the payment information for authorization.
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CoDi® Banxico application

If your bank or financial institution does not have the functionality to charge with CoDi®, Banco de México offers you its mobile application:  App CoDi ® anxico , which allows you to make digital payments.

To use it, you only need an account with a financial institution and a mobile device with internet. Remember that the CoDi® Banxico App only allows you to charge and does not work to make payments. 

The advantage that the Banxico app offers you is that your employees can charge from it without having access to your account.

Let your customers know

Once you accept CoDi® payments let your customers know. A simple way is through a badge, which you can place outside your business, next to the cash desk or in a visible place in your business with the CoDi® logo.

Processing it is easy. Just fill out a form on the website: www.codi.org.mx. CoDi® will send you the badges, which include four badges, by courier within an estimated period of 20 business days.

Mexico Daily Post