The Digital Collection system (CoDi) still does not reach its expected potential; However, this does not mean that it stops promoting, because, on the contrary, with the issue of digitization in people’s daily lives, the best of this mechanism operated by the Bank of Mexico (Banxico) is yet to come, according to the signature Transfer and Payment System (STP).
In an interview, Jaime Márquez Poo, director of New Business at STP, spoke about the potential he sees in the market to promote digital payments in the business segment; however, he also indicated that there is a great opportunity to offer services directly to the public, so he will start paying attention to passing businesses so that they can charge with CoDi.
“We continue to support the B2B (business to business) market; however, we are evolving with the issue of payment for services and we are generating a new application (CoDig) to support the restaurant or transit sector so that they can charge with CoDi, then it is the next step that we are taking and supporting the sector of step to collect with this payment method and to digitize itself”, explained Márquez Poo.
STP is a firm that provides different business solutions to digitize their payment methods, from the digitization of a company’s treasury to the connection to the Interbank Electronic Payment System (SPEI) to companies in the financial sector, financial technology, electronic commerce and of the retail sector.
In this context, Márquez Poo commented that, during this year, the firm plans to have more strength in digitizing payments for business services and, in addition, envisions a greater use of the CoDi to collect payments.
“We see a great opportunity and evolution. The issue of digital payments and everything digital is growing, this is the first step to begin for financial entities to begin to digitize much more… We continue to see this growth in media issues of digital payment, now it is on the rise”, highlighted Márquez Poo.
Facilitate payments
In September 2019, Banxico presented CoDi, in order to facilitate payment and collection transactions through electronic transfers in a 24-hour scheme, seven days a week.
This system uses QR and NFC technology, so that both businesses and users can transact without the need to use cash.
According to Banxico statistics, to date more than 13 million accounts have been validated, about 897,567 accounts have made at least one payment and 680,942 have made at least one collection and 4.4 million operations have been registered.
For Márquez Poo, the table is set for CoDi to begin to have more impact on the lives of Mexicans; however, the issue is not easy, cash continues to dominate payments in the country.
We are going to boost collections with CoDi a lot, which we are going to see grow a lot this year and we are going to make financial entities, e-commerce and fintech join this payment issue with CoDi,” said Márquez Poo.
According to figures from Banxico, at the beginning of this month the monetary base that includes banknotes and coins in circulation reached 2.4 trillion pesos. In the pandemic period, this indicator reached record figures.
“The main enemy is cash,” said Márquez Poo.