Background and Relevance
Six years have passed since the launch of CoDi, an electronic payment platform developed by Banco de México (Banxico) aiming to decrease cash transactions in the country. Despite initial expectations, CoDi’s usage remains low.
Initial Projections vs. Current Status
CoDi was introduced in late September 2019, before the pandemic. It was anticipated that by September 2020, there would be 18.1 million users and nearly 28 million transactions. However, six years later, in September 2025, only 21.8 million accounts have been validated (three million more than initially projected) and just 17.8 million operations have taken place, falling short of the initial year’s goal of 37 million accounts.
Transaction Volume and Bank Participation
The total amount of transactions conducted through CoDi over these six years amounts to 16,720 billion pesos (based on official Banxico data), with an average transaction amount of 875 pesos on weekdays and 811 pesos on weekends.
BBVA México holds the highest participation in CoDi, with 59% of validated accounts; followed by BanCoppel with 14%, Banamex with 12%, and the remaining banks or financial institutions account for the other 15%.
Merchant Adoption
Among the major businesses accepting CoDi, according to official information, are Liverpool, Sanborns, Soriana, Telcel, Chedraui, Comercial Mexicana, Coppel, Telmex, Farmacias del Ahorro, and Pepsico.
Comparison with Dinero Móvil (DiMo)
In 2023, another instant electronic payments alternative, Dinero Móvil (DiMo), was launched. Unlike CoDi, DiMo operates solely using a cell phone number for instant transfers.
According to Banxico data, as of June 2024, there were 9 million registered accounts on DiMo.
Challenges and Opportunities
Mexico’s President, Claudia Sheinbaum, highlighted that although her government aims to promote electronic payments and reduce cash usage, banks are reluctant to adopt CoDi due to high commission charges and CoDi’s commission-free nature.
In contrast, Brazil successfully implemented Pix, a similar QR code-based electronic payments system, making it mandatory for usage and promotion. Pix now boasts over 175 million users and more than 900 participating entities.
Experts believe that CoDi in Mexico can still achieve mass adoption through increased awareness, user-friendly interfaces, interbank interoperability, and integration with digital wallets and e-commerce platforms.
The sixth anniversary of CoDi presents an opportunity to assess progress, look forward, and solidify its role in Mexico’s evolving payment landscape.
Key Questions and Answers
- What is CoDi? CoDi is an electronic payment system launched by Banco de México (Banxico) to decrease cash transactions in the country.
- Why has CoDi struggled to gain traction? Banks’ reluctance to adopt the commission-free CoDi and insufficient user awareness have hindered its growth.
- How does CoDi compare to Dinero Móvil (DiMo)? While both are instant electronic payment systems, CoDi requires a bank account and QR code scanning, whereas DiMo operates using only a cell phone number.
- What is the current status of CoDi usage? Six years after its launch, CoDi has 21.8 million validated accounts and only 17.8 million transactions, far below initial projections.
- What are the potential solutions for CoDi’s growth? Increased awareness, user-friendly interfaces, interbank interoperability, and integration with digital wallets and e-commerce platforms can help CoDi achieve mass adoption.
