Mexican Central bank in talks with Amazon over new mobile payments


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Mexican Central bank in talks with Amazon over new mobile payments

On Tuesday, the 5th of March 2019, Mexican central bank’s head of payments said, the central bank had been in talks with Amazon.com Inc. in order to launch a government-backed mobile payment system which would allow customers to pay using QR codes for their online purchases.

It was the first time the world’s largest retailer had been offering such kind of scanning technology in Mexico, which appeared to prop up a new customer base in such a country, where more than half of the population do not have a bank account.

Banco de Mexico, the Mexican central bank, known as Banxico, was working on the payment system, named as CoDi, and CoDi would allow customers to make the payments in person and in online using their smartphone & QR codes for their online purchases.

The payment system targets to bring more people into the conventional financial sector. According to Mexican Central bank, a test rollout of CoDi is expected later this month, and Amazon, alongside Argentine rival MercaboLibre had also approached the central bank over adopting the payment system, while Banxico’s director of operation and payments, Jaime Cortina had been quoted saying that CoDi was specially designed so that it could facilitate payments in stores and in online.