The CoDi platform in Banxico began operating on September 30. It does not generate any additional costs and eliminates the use of point-of-sale terminals, Condusef reported.
The National Commission for the Protection and Defense of Users of Financial Services (Condusef), warned that you should not pay any commission for payment through the payment and collection system used by the scanning of QR codes or NFC approach technology, better known as CoDi or Digital Collection.
“The CoDi does not generate any additional costs and eliminates the use of point-of-sale terminals,” Condusef reported in its monthly magazine Protect Your Money.
The CoDi platform of the Bank of Mexico (Banxico) began operating on September 30. For Condusef it is important that the population is aware of how it works and what benefits it will bring, so it published an illustrated guide with four relevant points about its operation.
The publication explains that CoDi consists of passing a device close to another to transfer data through a banking application and the cell phone camera.
“The operation is initiated by the seller through a collection message, which the buyer receives and accepts to initiate an electronic, interbank or bank transfer. Once the transfer is complete, both the buyer and the seller are notified in real-time. ”
It was explained that through the use of these technologies, greater financial inclusion is expected, allowing businesses to accept electronic payments at no additional cost to the user or the merchant.
To be part of this process, the seller must have an account of the participants offering the service, in addition to having a smartphone or mobile device with the CoDi functionality application installed.
Thus, the merchant will have an impression of the QR code on their mobile device, while the sellers will identify the seller’s account from their cell phone and enter the amount to be paid.
By accepting they will send the transfer request, the bank will validate this transfer in real-time to settle the transaction and both the seller and the buyer will receive a payment confirmation message.
Concanaco Servytur will promote and disseminate among its 256 Chambers of Commerce, with presence in more than 900 cities in the country , the Digital Collection and Payment (CODI) platform of the Bank of Mexico, as a new method of payment for transactions in the most of 750 thousand affiliated companies, in order to avoid the risks of cash management and promote the formal economy.
This was reported by the president of the Confederation of National Chambers of Commerce, Services and Tourism ( Concanaco-Servytur ), José Manuel López Campos, who considered the implementation of the CODI platform as positive, “because it will allow all Mexicans with cell phones intelligent to carry out operations without cash handling ”.
“This system will transparent commercial operations of any amount and reduce the gaps for transactions related to money laundering and buying and selling in the informal economy.”
Through a statement, he stressed that the collection and payment operations for up to 8 thousand pesos will not have any cost for service or commissions, so the micro, small and medium enterprises (MSMEs) will be the most benefited, since they represent the largest number of commercial establishments and services in the country.
“Most of the MSMEs do not have bank point of sale terminals, but practically all of them have cell phones.”
The head of Concanaco-Servytur stated that the Chambers of Commerce of all the States of the Republic, and affiliated businesses could also operate as “bank correspondents” for the dispersion of resources of the social plans of the Federal Government.
“With digital collections and payments, traceability in operations will be achieved , and the opacity of cash purchases made in informality would be reduced, which severely affect the country’s economic growth, and that inhibit national economic growth.”
He said that this new platform “will give greater momentum to the formality since the CoDi is safe and not designed to withdraw cash provisions, which will give buyers more certainty and reliability to the companies that use it.”
López Campos stressed that “like everything that is new, in Mexico, this platform will have an implementation process, but it is expected that by 2020 it will have more than 200 thousand users .”
The business leader explained that 33 banks are currently operating that offer national coverage, and the expectations are that next year the entire Mexican financial system that has the digital platforms and branches in sufficient numbers will be incorporated.
Source: efe, aristeguinoticias
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