Stores can now be incorporated into the CoDi platform in Mexico
Source：El Economista
From：Taiwan Trade Center Mexico
Update Time：2019/11/26
As of September 30, all businesses that sell over the counter, such as small shops and local shops, e-commerce operations and service providers, can implement the modality of Digital Collection (CoDi) through cell phones or mobile devices.
They only have to register at the Bank of Mexico (Banxico), in the section "Requirements to participate in CoDi", where they request an account with a financial institution, as well as an application to generate collection messages, which must be installed on a computer or mobile device and will generate collection messages.
According to Banxico, the application can be provided by the banking institution or an application developer, or use the CoDi Banxico application for this purpose.
The way to collect with CoDi is as follows: the collector who will receive the money for the amount, for the good or service generates a message through his mobile device, while the payer receives and accepts the collection message.
This translates into an electronic transfer, interbank or the same bank, and once the transfer is complete, both the collector and the payer are instantly notified of the payment confirmation.
With the CoDi payment system, Banxico aims to reach people who do not have a bank account, but a mobile phone with which they can scan a QR code and process payments through the different commercial banks and financial entities.
At least 30 million Mexicans will be able to access products with higher added value such as loans, insurance or investments. After performing the first trial period, the second, which is larger, will begin in the next two or three months.
The messages to request or receive payment are small, so the use of mobile data is very similar to a normal messaging scheme. The preliminary scheme of CoDi is planned from April to September.
The new platform will limit illicit activities such as money laundering, tax evasion and acts of corruption, through the reduction of the use of cash.
In addition to facilitating the dispersion or delivery of social and economic support instrumented by the government; such as scholarships for young people or pensions for the elderly.
Source：https://www.eleconomista.com.mx/