Mexico can follow in Brazil’s footsteps in innovation and financial inclusion if it promotes CoDi, which was launched in 2019 and has not yet recorded the expected results, according to the fintech Transfer and Payment System (STP).
“In Mexico we are faced with the preference for the use of cash that is decreasing every year, in addition to the fact that financial institutions have an important challenge in terms of financial education. However, CoDi continues to be a tool with great potential for the transformation of the payments ecosystem in Mexico,” said Jaime Márquez Poo, partner and executive director of Business Development at the firm.
According to STP, Mexico could accelerate the adoption of this payment system with a clear and effective strategy that contains financial education and promotion, incentives for users, businesses and entrepreneurs, collaboration with fintech firms and banks.
“Learning from Pix’s success in Brazil and adapting effective strategies could position Mexico as a leader in digital payments in Latin America,” said Márquez.
According to STP, CoDi has the potential to become a fundamental pillar of the Mexican financial system, promoting financial inclusion and the digitalization of the economy.
“As Brazil achieves unprecedented success with its Pix digital payments platform, Mexico has the opportunity to follow this example and position its own payments system, CoDi, as a key tool for digitalization and financial inclusion,” he noted.
Five years after its launch, CoDi, developed by Banxico, has had gradual growth, facing challenges in terms of adoption and visibility. In contrast, Pix, launched in Brazil in 2020, has experienced rapid massification, being used by more than 70% of the Brazilian population in less than a year.
According to data from the central bank, the accounts validated until September 23, 2024 amount to 20,326,71, at least 2 million users have made at least one payment through CoDi, adding more than 13.8 million operations and 12.9 million of pesos.
According to official data, the success of Pix in Brazil is explained by its accessibility, since it allows instant payments using a QR code, a phone number or an email, facilitating its use in all sectors of the population.
Furthermore, its adoption was driven by massive promotion by Brazil’s central bank and financial institutions, which encouraged millions of people and businesses. Finally, the incentives and benefits offered to both users and businesses significantly accelerated its acceptance and widespread use.
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