Uber also wants to use CoDi, Banxico’s mobile payment system


Banxico is about to define the mechanism for Uber to charge for its trips through the CoDi system.

The Bank of Mexico (Banxico) is defining the mechanism so that Uber can participate in the new mobile payment system backed by the government, called CoDi (for “digital charges”), the governor of the country said on Friday. institution, Alejandro Díaz de León.

In this way, the mobility company would join Amazon and the largest banks in Mexico in the list of those interested in launching this system that would allow consumers in Mexico to pay for their purchases using QR codes .

“It is (…) to define what can be the mechanisms or specific ways of how they can participate in this architecture of this system,” he said in an interview with Reuters as part of a banking convention held in Acapulco.

Recently, the general director of Payments of the monetary entity told Reuters that they were in talks with the online sales giant Amazon to launch the new system of digital charges, and that other firms had also approached the central bank to analyze how to include CoDi as an additional modality of payments.

“For us it is very important that in this pilot test phase try to give the most information about what is and how it works (CoDi) and try to identify all the possible uses and potentials of use that it can have for different companies and ( …) users, “added Díaz de León.


In clothing stores, convenience stores, taxis, vending machines, as well as other outlets, even in street vendors, it is possible to make payments with the mobile phone. Not only is it a possibility, it is the main form of payment.

To do this, different technologies are combined, such as electronic transfers, QR codes, smartphones, mobile internet and apps.

The procedure is easy. By means of applications in the mobile a QR code is displayed on the screen or, well, the QR code of the business or article is read, and the transfer of money is instantly made.

What is behind that operation is the linking of the app with a personal bank account, either with a credit or debit card; It is also possible to have a paid balance.

In the case of established shops, when paying, the buyer must show the QR code generated by the app, it is read by a terminal similar to those used for bank cards and a ticket is generated.

In all cases, both the seller and the buyer receive notifications confirming the transaction.

For vending  or vending machines, soft drinks or food, for example, the user must read the QR code of the selected article from the app on his cell phone and after the transfer is made, action that takes only instants, the object comes out. Of course, the machine is connected to the internet.

Mobile payments have also reached informal traders; in this case, the sellers have their printed QR codes on sheets. After being told how much to pay, the buyer opens his app, indicates the amount of money to be transferred and scans the code. With the movement of money made, the merchant receives a notification on his phone.

Mobile payments are the fastest growing internet segment in the country.

In recent years, mobile payments have led to a boom in the use of shared bicycles from companies such as Mobike or VBike, which already have a presence in Mexico City. The same QR code reading technology is used in China for mobile payments.

Source: Forbes

The Mazatlan Post