CoDi is a QR and push-notification payment system that Banxico launched in 2019 to reduce reliance on cash, with the actual transaction processed as a real-time SPEI transfer. Even several years after launch, however, usage volume is generally assessed as falling short of initial expectations, so it is realistic to view it as an option that complements SPEI transfers and cash payments rather than as the centerpiece of a Mexico payment strategy.

If you have many urban customers comfortable using banking apps and operate in a small-ticket, high-frequency category sensitive to payment fee structure (such as subscriptions or delivery services), you can experiment with enabling CoDi. When adopting it, present alternative payment paths alongside it on the checkout screen to avoid a drop in conversion rate.

When a merchant generates a payment request, a QR code to scan or a push notification is delivered to the consumer's banking app, and the moment the consumer approves it in the app, the funds are transferred in real time over the SPEI network. Its strength is that the approval result is returned immediately with no wait for order confirmation, but this flow only works on the premise that the consumer has CoDi activated.

CoDi collection through Hecto Financial is an area where coverage can vary depending on local partner configuration and merchant industry. Given that the actual active user base is limited, it is recommended to review the practical benefit of adoption together with alternative payment method combinations during the consultation stage.

• Business registration country

  Confirm contracting eligibility as a Korea-based business

• Sales channels

  Integration approach and priority vary depending on your mix of online sales channels, such as owned storefronts, marketplaces, and mobile apps

• Product categories handled

  Advance confirmation is needed on whether your business falls under a restricted category per CODI's merchant policy

• Local regulatory compliance

  Confirmation is needed on compliance with Mexico's payment and foreign exchange regulations (see official sources below)

Funds transferred via SPEI at the moment of approval are collected in MXN, then converted and settled to the merchant in whichever of USD, KRW, or JPY is set under the contract. The settlement cycle and applicable exchange rate basis are matters of contract terms. Refunds are handled as a re-transfer to the consumer's account, so if your CS materials were written assuming an approval-cancellation-style refund, they need to be revised.

• Bank of Mexico (Banco de México); National Commission for the Protection and Defense of Financial Services Users (CONDUSEF)Official information on CoDi and SPEI is provided by Banxico, and financial consumer protection is handled by CONDUSEF. If there is any difference from this page, follow the official sources.