Cash-Dependent Mexico: The Need for Digital Payment Solutions
In Mexico, cash remains the primary payment method for everyday purchases. According to the Bank of Mexico (Banxico), 91% of the population uses physical cash as their main payment method.
To achieve greater digitalization in Mexicans’ finances and facilitate digital payments, Banxico has developed three tools ensuring secure, instantaneous, and easy transactions.
SPEI, Dimo, and CoDi: Banxico’s Digital Payment Solutions
SPEI, Dimo, and CoDi were created to streamline and facilitate digital payments for individuals and businesses. These platforms provide efficient means for conducting transactions, potentially saving you time by incorporating them into your daily life.
Linked Bank Accounts via Mobile Phone
Dimo, launched in 2023, allows users to link their bank accounts with their phone number through the mobile banking app.
The main advantage Dimo offers to those with linked accounts is the ability to receive money without needing your account number, card, or CLABE at hand. Simply use your phone number.
According to Dimo’s linking instructions, open the banking app, find the option to link your account with Dimo, and give consent for the bank to link your account with your phone number.
To make a transfer using your phone number, follow the usual process but instead of entering CLABE, account or card numbers, input your phone number or select the contact to whom you want to send money. The transaction will complete if the recipient is linked with Dimo.
Currently, 19 financial institutions allow sending and receiving money using Dimo. These include major banks like BBVA, Banco Azteca, Santander, and Scotiabank, as well as fintech companies such as Mercado Pago or Nu. Additionally, five institutions enable receiving transfers.
Digital Payments and Receipts
CoDi, another platform created by Banxico, aims to digitalize daily finances for individuals and businesses. Launched in 2019, only 0.1% of the population reported using CoDi with Banxico in 2024.
CoDi payments function through QR codes. If you visit an establishment with the CoDi logo, request a QR code generation and scan it using your banking app to complete the transaction.
If you own a business and want to accept CoDi payments, register for CoDi use in the banking app and, in some cases, register your business with Banxico’s commerce registry and download the QR code-generating app.
Experts identify that benefits of this payment mechanism include fast, secure transactions with no fees for receiving payments. You can conduct sales with individuals who may not have a digital wallet, cash, or card at that moment.
Jorge Malanco, a director at the fintech STP, stated that embracing these platforms for payments is only possible if one overcomes the fear of using technology when handling money.
“One must be willing to learn and integrate these tools into daily life; over time, it becomes normal,” Malanco explained, adding that more businesses are accepting QR code payments.
Instantaneous Transfers
The Sistema de Pagos Electrónicos Interbancarios (SPEI) is likely the most widely used electronic payment tool. Since 2004, Banxico has allowed instantaneous and commission-free interbank transfers.
“Previously, everything was in-person at branches with chits, and an interbank transfer could take days to reflect. Now, from your phone, you can securely send money without waiting,” Malanco described.
Besides transferring between individual accounts, SPEI enables paying services through bank apps if they have a partnership with the bank, eliminating the need to visit branches or establishments.
