• SWITCH ON Through the a national platform known as CoDi, Mexico’s Central Bank and at least 23 private banks are now offering instant mobile payments via Quick Response code (QR) and Near Field Communications (NFC) and are expecting to quickly reach 18 million users by 2020.
• EXPECTATIONS “We think that the speed (at which customers) will use CoDi will be very fast, because there is a substantial reduction in costs and it reduces the use of cash”, says Luis Niño de Rivera, president of Mexico’s banking association (ABM for its acronym in Spanish).
• POTENTIAL Following example of other countries like China where QR code payments have exploded in recent years, Mexico’s banking sector is aiming to reach a market of 37 million customers with bank accounts and at least 58 million adults with cellphones
• SECURITY With cybersecurity firms like Kaspersky warning of potential use of malware, the Mexican banking sector is nevertheless confident of the new system but acknowledges individual customers will be responsible for tightening passwords and adding authentication layers.
