Mexican central Bank plans to launch new mobile payments with Amazon

Amazon has approached multiple banking institutions to offer its loyal customers the opportunity to have a current account. Today, we know that the world leader in online trading has entered into talks with Banxico, Mexico’s central bank.
The giant e-commerce plans to launch a new payment system accessible to the general public.

This confirms rumors that the e-commerce giant is considering launching banking services. Called CoDi, this new payment system will not only allow Mexicans to pay for their purchases online, but also reduce commissions paid in different transactions.

If the partnership is confirmed, Amazon and Banxico will have taken a big step since more than half of Mexicans do not have bank accounts.

CoDi is already under construction

In an official statement, Banxico pointed out that the deployment of the CoDi payment system was scheduled this month. An affirmation that supports the statement of Jaime Cortina, Banxico’s current Director of Operations and Payments. “They also said they could implement it relatively quickly,” he said.
With the latest generation CoDi payment tool and QR codes, customers will be able to make payments online via their smartphone. Same thing for payments in the stores. The service is completely free. In addition, users will not need to pay additional fees.

Financial technology as a way out of poverty

Amazon enjoys a high profile worldwide. Nevertheless, it is the first time that the company is talking with Mexico.
The deployment of innovative scanning technology throughout the Mexican territory is also a first. Both entities face a daunting challenge, especially when last year, only 3.6% of online sales were made in Mexico.
The administration of Andres Manuel Lopez Obrador sees this new financial technology as a solution to take Mexico out of poverty, especially since the use of telephone banking has become commonplace in some emerging countries. China, Kenya and India are among them.

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