| Developers: | Banco de Mexico (Central Bank of Mexico) |
| Date of the premiere of the system: | February, 2019 |
| Branches: | Financial services, investments and audit |
2019: Start of payment system
In February, 2019 it became known of start in Mexico of the state payment system Cobro Digital (CoDi) allowing locals to pay purchases and to make interbank money transfers without the commission by means of smartphones.
By the time of the announcement of service it is available in the test mode, and full-scale start is planned for March, 2019.
A new system can become a turning point for Mexico — the country where 90% of cash transactions are performed by means of cash, and 42 million inhabitants have no accounts in banks by February, 2019. CoDi allows to carry out non-cash transactions without the need for opening of the bank account.
 | In the future need for banks for their traditional understanding will disappear. Mobile phones will replace them — the Deputy Minister of Finance of Mexico Arturo Herrera (Arturo Herrera) said. |  |
Experts and market participants do not undertake to predict whether there will be a CoDi system demanded in Mexico. The popularity will depend in many respects on support of banks which several decades could not attract clients with low income because of the big commissions.
Insufficiently developed cellular communication is considered one more barrier constraining development of mobile banking in Mexico. Though in recent years the situation improved, in some remote regions of the country still there is no core telecommunication infrastructure, the Reuters agency in the publication of February 19 notes.
Most of Mexicans prefer to remain "in the shadow", avoiding non-cash transactions with the purpose of tax avoidance. In the country the choice problem — because of the large commissions and negative attitude is also observed from the authorities, many leading banks left Mexico.[1]
| | Implementation of the CoDi platform will open the accessibility to digital payment services for all owners of mobile devices in the country, promoting financial availability, expansion of use of electronic payments and development of the competition in the market, said in the statement of the Mexican Central Bank. | |
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |