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 Expectations vs. Current Status
CoDi was set to have 18.1 million users and nearly 28 million transactions by September 2020, just one year after its launch in late 2019. However, as of September 2025, there are only 21.8 million validated accounts (three million more than anticipated) and a mere 17.8 million operations, falling short of the initial year’s goal of 37 million accounts.
The total amount of operations conducted through CoDi over these six years is 16,720 million pesos, with an average transaction amount of 875 pesos on weekdays and 811 pesos on weekends, according to official Banxico data.
Bank Participation and Merchant Adoption
BBVA México holds the most significant participation in CoDi, with 59% of validated accounts. BanCoppel follows with 14%, and Banamex with 12%. The remaining 15% is shared among other banks and financial institutions.
Notable businesses accepting CoDi include 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 introduced. Unlike CoDi, DiMo operates solely using a cell phone number for instant transfers.
By June 2024, DiMo had registered 9 million accounts, as per Banxico data.
Challenges and Opportunities
“Banks don’t want CoDi to be used”
Mexico’s President, Claudia Sheinbaum, highlighted the issue during a recent morning press conference, stating that although her government aims to promote electronic payments and reduce cash usage, banks are reluctant to support CoDi due to high transaction fees and CoDi’s commission-free nature.
Success of the Brazilian Pix System
A year after CoDi’s launch in Mexico, Brazil introduced Pix, a similar instant electronic payments system through QR code scanning. Unlike Mexico, Brazil made Pix usage mandatory, leading to its widespread adoption with over 175 million users and more than 900 participating entities, according to Nu, a Brazilian neobank.
This successful model is now being replicated in Colombia with the Bre-B system, launched this year by Colombia’s central bank and supported by Nu.
Opportunities for CoDi’s Growth
STP, a Mexican fintech specializing in payment systems technology, notes that CoDi still faces the challenge of mass adoption. However, experts believe conditions are ripe for growth in upcoming years with 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 position as a crucial component in Mexico’s evolving payment landscape.
Key Questions and Answers
- Q: Why hasn’t CoDi gained widespread usage? A: Despite initial expectations, CoDi’s usage remains low. Banks’ reluctance to support the commission-free system and the need for increased awareness, user-friendly interfaces, and interoperability between banks are key challenges.
- Q: How does CoDi compare to Brazil’s Pix system? A: While both are instant electronic payment systems via QR code scanning, Brazil made Pix usage mandatory, leading to its widespread adoption. In contrast, Mexico’s CoDi has not seen similar success.
- Q: What are the opportunities for CoDi’s growth? A: Increased awareness, user-friendly interfaces, interbank interoperability, and integration with digital wallets and e-commerce platforms present opportunities for CoDi’s growth.
