Digital Payments (CoDi) / Payment methods for 2019.

The Central Bank in Mexico (“Banco de Mexico” or Banxico for its acronym in Spanish) announced that, for this year, a new payment platform will be presented, same that promises to revolutionize the industry in the way we make our payments, not only online, but face to face. This platform promises to benefit the user in regards to the security and speed of the transactions, and  businesses will also be benefited with a significative reduction in the payment of commissions that, as of today, are made to the banking institutions.

The creation of this new platform comes from  the efforts of Banxico to reduce the use of cash in the country. Therefore, banking institutions are parallelly working in the implementation of these new electronic systems in order for the users of their services to continue with their day-to-day transactions by means of these type of platforms, and the development of payment systems through QR Codes (Quick Response Code).

In order to use these platforms, the users/customers must have a smartphone, and a level 2 bank account (those that may be opened without the participation of a bank branch office). The sellers / businesses must have a static QR Code, a smartphone or other devices that may be subject to download the CoDi app (for face-to-face transactions) or a web page that is able to generate the CoDi requests for online sales.

Banxico submitted to a public consultation the draft of dispositions in order to modify Banco de Mexico’s Regulations 14/2017, 13/2017 and 2/2012. Said consultation concluded on January 15th, 2019, and  it is expected to have the final text of these Regulations in the near future in order for them to be approved and implemented.

With the creation of CoDi, Banxico has published that it is aiming to: (i) protect the interests of the users; (ii) accomplish the adoption of electronic payment methods; (iii) promote the Mexican market proficiency and; (iv) reach a good operation of the payment systems and healthy development of the financial system.

At the present time, Banxico pretends for the new system to be functional for voluntary use, during the first quarter of 2019; with the intention to have the platform completely operational and mandatory in the last quarter of 2019.

Our IT practice group, shall continue to give updates on these matters once more information is published about the main rules and items to be considered.

For further questions or comments, please do not hesitate to contact us.


Luis Enrique Regil

Carlos R. Padilla

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