Mexico Plans Codi Relaunch to Accelerate Digital Payments
Mexico remains heavily reliant on cash, while adoption of digital payments trails some regional peers. Codi, an instant-payment platform operated by Banco de México and launched in 2019, enables real-time transfers through tools including QR codes but has struggled to gain broad usage. The rapid expansion of Brazil’s Pix system has underscored the potential economic and financial-inclusion benefits of a widely accepted public payments network.
The Mexican government is preparing a promotional campaign aimed at shifting consumers and merchants from cash to digital transactions and reviving Codi as a Pix-like payment option. Officials have set a target for at least 50% of adults to use digital payments by 2027. The relaunch will hinge on expanding merchant acceptance and making the platform easier to use after its limited initial uptake.
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The history behind this eventMexico Pushes Digital Payments to Curb Cash and Crime
Mexico’s heavy reliance on cash keeps much of its economy outside the formal financial system, limiting tax collection and making transactions harder to trace. President Claudia Sheinbaum’s drive to expand digital payments is intended to improve financial inclusion while constraining tax evasion, corruption and the flow of funds to organized crime. The effort must also overcome limited banking access, uneven connectivity and mistrust of financial institutions.
Since taking office on Oct. 1, 2024, Sheinbaum has sought to encourage consumers and merchants to shift toward bank transfers and mobile payments. The administration has not announced a deadline for phasing out cash or a numerical adoption target, leaving implementation dependent on broader access to accounts, affordable payment infrastructure and reliable internet service, particularly for small businesses and people in rural communities.
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