Four years ago, on September 30, 2019, the Bank of Mexico (Banxico) launched CoDi®, a fast, secure, easy-to-use payment system that does not generate commissions.
A total of 18 million 494,297 accounts have been validated in CoDi®. In addition, 9 million 653,320 operations have been registered in the country, with amounts per transaction ranging from 1,003 pesos on business days and 761 pesos on weekends and holidays according to Banxico figures as of October 9 of the current year.
At least 1.59 million people have made a payment through CoDi®, of which 18.2 million are on Android devices and 7.3 million on iOS devices, according to data from Banxico.
A payment system with growth potential
CoDi®, as a payment method, still has ample growth potential due to the boom that QR payments are taking in the world. According to a study by the consulting firm Juniper Research, worldwide, the number of users who will use QR code payments will exceed 2.2 billion in 2025, this is 25% of mobile phone users in the world.
The study Mexico: users who have used a QR code by age group 2020 from Statista points out that these types of operations have been concentrated mainly among young people between 18 and 24 years of age, known as centennials, followed by millennials, who range from 25 to 34 years old.
“Accepting digital payments allows businesses and businesses to save up to 84,000 pesos a year in commissions that the Point of Sale Terminals (POS) of banks and banking aggregators usually charge,” STP-Sistema de Transferencias y Pagos highlighted in a statement. , a Mexican fintech specialist in payment system technologies.
“STP gives the opportunity to small businesses that employ a maximum of five people, such as cafeterias, small bars or canteens or stalls in the markets, those that have benefited the most from the savings of 5,000 and 7,000 pesos per month in profits for leaving to collect with POS terminals,” highlighted Karina Cazáres, SR manager of CoDi® at STP.
According to STP experts, the challenge for financial entities and businesses is to communicate and sow trust between businesses and users of the use of these platforms.