Mexico’s Central Bank Pilots Digital Payment System

Mexico’s central bank, Banxico, is trialing Cobri Digital (CoDi) with employees of all the major banks in the country; CoDi is a digital payments system that was initially announced earlier this year and is intended to become the required system in Mexico; Mexico has more than 40 million unbanked consumers and 55 percent of the country has smartphone penetration; the system is meant to act as a financial inclusion initiative, initially that will be a problem since consumers are required to hold bank accounts at one of the 6 major banks; this might cause banks to make accounts more affordable, one of the major reasons consumers avoid getting an account is fees; the new system will also help with money laundering, tax evasion and corruption. Source.