Almost three years after it began operations, the Digital Collection platform (CoDi) is advancing, but it is doing so slowly.
As of September 7, according to information from the Bank of Mexico (Banxico), it registered almost 14.6 million validated accounts, of which just over 1 million had made at least one payment and 746,841 a collection. In total, 5.4 million operations had been executed, for an amount of 4,522 million pesos.
When this platform was launched, in September 2019, it was estimated that by September 2020, there would be 18.1 million registered users and almost 28 million transfers made.
For Jorge Sánchez, director of applied research at the Foundation for Financial Studies (Fundef), this situation is due, in part, to the fact that cash continues to be the preferred means of payment for the population.
More than 90% of operations are still done in cash. People in Mexico like to keep using it. It is not bad, it is a matter of tastes and preferences. Even in the United States people are still using cash, so the various digital payment methods are just an add-on,” he says.
He adds: “also in Mexico we have an economy with high rates of informality and only cash is used there.”
Why was it successful in Brazil?
Paula Arregui, director of operations at Mercado Pago, mentions, for her part, the success story of Pix in Brazil, an electronic payment method similar to CoDi, but which has grown significantly, even when it was put into operation after Cobro Digital in Mexico.
“It was a success story in which the regulator took ownership and created the rails for that interoperability. Today all the rails on which Pix travels are not from the banks, nor from the fintech, they are from the regulator, and we all had to learn to ride on those rails, ”he explains.
In the case of CoDi, he says, the network is born much more limited than in Brazil, where it was born with all the players inside.
“The regulator not only took over the rail, but also the conditions: this is stability, that is how they have to tell it, there is a standard for everyone to understand, it even determined the price for operating with the network. That made it scale up very quickly,” he points out.
In its Annual Report on the Infrastructure of Financial Markets 2021, Banxico highlights the importance of implementing broad and constant dissemination schemes to ensure that the adoption of CoDi persists.
eduardo.juarez@eleconomista.mx
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