Codi is a digital payment method developed in Mexico by the Committee on Payments and Financial Infrastructures (CEFP) in collaboration with the Bank of Mexico (Banxico). Codi stands for “Digital Code” in Spanish.
Codi allows users to make electronic payments using their mobile phones. The primary objective of this payment method is to promote financial inclusion and reduce the use of cash in Mexico.
To use Codi, users need to download a mobile application compatible with their phone’s operating system (iOS or Android) and link their bank account to the application. Once the linking is done, users can generate a Quick Response (QR) code or an alphanumeric hash code to be used for making payments.
During a transaction, the payment recipient (merchant or another individual) displays the QR code or alphanumeric hash code, and the Codi user scans this code using the mobile application to initiate the payment. The transaction amount is then debited from the user’s bank account and credited to the recipient’s account.
Codi is supported by several banks and financial institutions in Mexico. It is also integrated with various existing payment systems, such as CoDi Wallet, which allows users to manage their transactions and check their balance.
The goal of Codi is to enhance the efficiency and security of payments in Mexico by reducing the costs associated with handling cash and facilitating financial inclusion for individuals who do not have access to traditional banking services.