Four years after its launch, Digital Collection (CoDi), a payment method designed by the Bank of Mexico (Banxico) has barely covered 49.8 percent of its user target.
The objective of the Association of Banks of Mexico (ABM) was to reach 37 million users by the end of 2022, but as of September 25, 2023 there were only 18,441,325 validated accounts in CoDi.
Of the validated accounts, only 2.5 million users have used CoDi; 1.5 million used it to make a collection and the rest to make a payment.
This tool allows banking users to pay through a cell phone, just by scanning a QR code; The transaction does not generate costs and can be done at any day and time.
Specialists consulted by El Sol de México agreed that the low adoption and use of CoDi is due to the fact that people still distrust new technologies in the financial system and that not everyone has a bank account.
Added to this is the low diffusion of its use and the fact that at the time of launching CoDi there were already other alternatives for contactless payments, also with QR or only with transfers.
“Mexico is a country with a lot of opportunity due to the great lack of banking in some segments. These new proposals help consumers get used to using digital means of payment,” said Pamela Ceballos, Director of Innovation and Fintech at VISA.
According to the directive, beyond any public or private incentive to promote this type of payment methods, it is necessary to learn to understand consumer habits, as well as offer solutions that are safe and efficient.
“To the extent that we manage to transmit these messages of safety, ease and convenience to the consumer, they will adopt it themselves,” said Pamela Ceballos.
Banxico statistics indicate that of the total accounts enrolled in CoDi, 63 percent are from BBVA, followed by Bancoppel and Banamex, which account for 14 and 11 percent, respectively.
If the amount transacted in this way is considered, Banxico has a record of a flow of around 8.3 million pesos. The average amount per user is 901 pesos on business days and 740 pesos on non-business days.
BUSINESSES DO NOT KNOW CODI
The central bank headed by Victoria Rodríguez Ceja points out that in Mexico there are at least 15 large commercial chains that accept CoDi as a form of payment, among which La Comer, Chedraui, Farmacias del Ahorro, Sanborns and the Metrobús of the City of Mexico.
Despite this, in a tour carried out by El Sol de México it was found that in these establishments, except for the Metrobús, CoDi is unknown as a form of payment. Even cashiers at commercial stores commented that “they did not have the system enabled.”
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An employee of a Sanborns in the Historic Center argued that CoDi was not available as a payment method because its internal system was receiving maintenance.
For her part, a cashier at Chedraui assured that CoDi was not accepted in this chain, while at Farmacias del Ahorro the justification was that “for security” they only accept card and cash payments.
2023-09-30 08:00:00
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