MEXICO CITY, Mexico—The Mexican central bank and Amazon are in talks to introduce a government-approved mobile payment system, a new report reveals.
The system would involve users paying for online purchases using QR codes, and it would be the first time Amazon offered the technology in the country. In Mexico, half of the population is unbanked, so the move could eventually provide Amazon with a new customer base, Pymnts.com stated.
The system is called CoDi, and its goal is to bring more people into the financial sector. It’s being developed by Banco de Mexico — known as Banxico — Mexico’s central bank. CoDi will let users pay online or in person through mobile devices using QR codes. The beta is scheduled to be released this month, Pymnts.com.
Phone-based banking has had success in other international emerging markets, such as China, India and Kenya. Jaime Cortina, Banxico’s director of operations and payments, said adoption should be easy for online retailers and banks. There’s a large opportunity for growth in the mobile payments sector, as only 3.9% of retail sales in Mexico were made online in 2018, Pymnts.com explained.