On September 30, CoDi celebrated one year in operation and celebrated it with more than 5 million users, a figure below what was expected due, to a large extent, to the pandemic but which means a good advance for the tool digital collection of Banxico, as more and more businesses (from taquerías to coffee shops, through hairdressers, supermarkets, taxi drivers, neighborhood stores, etc.) and consumers in general use it.
What is CoDi?
If you are still part of the people who are unaware of this digital solution that facilitates and encourages payment and collection transactions through mobile phones, 24 hours a day, 365 days a year, we explain:
When consuming in a business, the provider of the product or service offers the option of paying through a QR code that is already printed (for example, next to the cash register) or through one that it generates on your phone .
The customer, who must have an account at a financial institution and the application with the CoDi service on his cell phone, scans the QR code with it and thus identifies the seller’s account and the amount to be paid.
After verifying the information, the consumer accepts the transaction and voila: the money passes immediately without charge of commissions.
The advantages of using CoDi
The digital monetary exchanges made with CoDi are totally reliable thanks to the use of technologies that have proven their safety and efficiency for years: the QR code (those “little squares” you saw at the beginning) and the short-range wireless technology called NFC, the same used by credit cards and devices contactless. But the benefits of this payment system go further:
One platform for all businesses. Most financial institutions charge a bank commission to businesses that accept credit or debit card payments. In this sense, the deCoDi service is available to almost any company, since the service is completely free and eliminates the collection of commissions.
Ease of payment and administration. Consumers get fast, secure and efficient transfers, in addition to avoiding lines at ATMs and can keep better control of their expenses, among other advantages.
Less use of cash. Banknotes are an invention that was vital to the world economy during the 18th and 19th centuries. Today this “technology” from another era poses more challenges than solutions, and the first of them is security: carrying hard cash carries the risk of losing it, or does someone imagine still walking down the street with the entire fortnight in the bag?
A better country. The Mexican Institute for Competitiveness (IMCO) points out that the more we eradicate cash, our country becomes more economically competitive, since informality, corruption and various illicit activities are fought, higher tax revenues are obtained and the costs of transaction and handling of physical money.
The healthy distance. The payments contactless They are one of the most effective options to avoid contagion of covid-19 when making our purchases or other commercial transactions.
No extra app is needed. All the banks in the country have the CoDi function within their wallets and using it is as simple as any other of their online services, so it is not essential to download the Banxico CoDi application to obtain all its benefits.
Digsmak is a news publisher with over 12 years of reporting experiance; and have published in many industry leading publications and news sites.