Payments/MX
Mexico
ISO MX · 3 schemes
Summary
- CoDi Banxico QR payment system (2019)
- SPEI 5.34B transactions (2024)
- DiMo phone-based transfers (2023)
- 17M CoDi transactions, 23% growth
- CBDC pilot planned 2025
Banking landscape
Central Bank
- Name: Banco de México (Banxico)
- Website: https://www.banxico.org.mx/
- Role: Monetary policy, CoDi/SPEI operation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | BBVA Mexico | International | BBVA App |
| 2 | Banorte | National | Banorte Mobile |
| 3 | Santander Mexico | International | Santander App |
| 4 | Citibanamex | International | Citibanamex App |
| 5 | HSBC Mexico | International | HSBC Mobile |
Market Structure
- SPEI: Core infrastructure
- CoDi: QR overlay
- DiMo: Phone-based
- 23.7%: Electronic transfer users (2024)
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| SPEI | Banxico | Instant | 5.34B txns (2024) |
| CoDi | Banxico | QR | 17M txns (2024) |
| DiMo | Banxico | Phone-based | 7M+ accounts |
| CBDC | Banxico | Digital peso | 2025 pilot |
SPEI (Sistema de Pagos Electrónicos Interbancarios)
- 5.34 billion transactions (2024)
- 219 trillion pesos processed
- 6.51x Mexico's GDP
- Real-time settlement
- Foundation for CoDi/DiMo
DiMo (Dinero Móvil) - 2023
- Phone number-based transfers
- Simplifies SPEI access
- 7 million+ registered accounts (May 2024)
- BBVA: 5M users anticipated
- $560M+ transaction volume projected
QR code standards
CoDi (Cobro Digital)
| Attribute | Value |
|---|---|
| Operator | Banxico |
| Launch | 2019 |
| Transactions | 17M (2024) |
| Growth | 23% YoY |
CoDi Features
- QR code scanning via smartphone
- NFC alternative available
- Internet messaging option
- Direct bank account linking
- Free transactions
- 24/7 availability
CoDi Payment Flow
- Payment request generation
- QR code display
- Customer scans with app
- Bank account debited
- Real-time confirmation
Adoption Challenges
- 8% population with accounts
- Fragmentation issues
- Interoperability gaps
- Trust building needed
- Infrastructure access
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| BBVA Mexico | BBVA | Yes | CoDi/DiMo |
| Banorte | Banorte | Yes | CoDi |
| Citibanamex | Citi | Yes | CoDi |
| Third-party | Various | Yes | CoDi API |
Bank Integration
- All major banks support CoDi
- DiMo adoption growing
- SPEI underlying all
- Mobile app access
2024 Adoption Progress
- 23.7% using electronic transfers
- Up from 8.2% in 2021
- Rapid adoption trajectory
- Trust building successful
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| CoDi | QR Code | Banxico | 17M txns | codi |
| SPEI | Instant | Interbank | 5.34B txns | spei |
| DiMo | Phone-based | Banxico | 7M+ accounts | dimo |
Sources
- TransFi - Mexico Payment Rails
- Rebill - SPEI
- Mexico Business News - CoDi
- Mexico Business News - SPEI 2.0
- Finofo - SPEI/CoDi
- Payments CMI - Mexico 2024
Full country report
Schemes
Standards
Mentioned · 1