Mexican central bank in talks with Amazon about new mobile payments

Thursday, March 7, 2019

By Stefanie Eschenbacher

Mexico’s central bank is in talks with Inc to launch a new government-backed mobile payment system that would allow consumers to pay for online purchases using QR codes, the bank’s head of payments said.

It would be the first time the world’s largest online retailer offers such scanning technology in Mexico and could eventually open a new customer base in a nation where more than half of the population has no bank account.

The payment system, known as CoDi, is being built by central bank Banco de México, known as Banxico. CoDi will allow customers to make payments online and in person through smartphones free of charge using QR codes. It aims to bring more people into the formal financial sector.

Photo courtesy of Daniel Dionne.

Source: Reuters (link opens in a new window)

Finance, Technology
digital finance, digital payments, e-commerce, financial inclusion, fintech