# Mexico — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/MX
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **CoDi** Banxico QR payment system (2019)
- **SPEI** 5.34B transactions (2024)
- **DiMo** phone-based transfers (2023)
- **17M CoDi** transactions, 23% growth
- **CBDC pilot** planned 2025

## Banking landscape

### Central Bank
- **Name:** Banco de México (Banxico)
- **Website:** https://www.banxico.org.mx/
- **Role:** Monetary policy, CoDi/SPEI operation

### Major Banks (2024)

| Rank | Bank Name | Type | Digital Platform |
|------|-----------|------|------------------|
| 1 | BBVA Mexico | International | BBVA App |
| 2 | Banorte | National | Banorte Mobile |
| 3 | Santander Mexico | International | Santander App |
| 4 | Citibanamex | International | Citibanamex App |
| 5 | HSBC Mexico | International | HSBC Mobile |

### Market Structure
- **SPEI:** Core infrastructure
- **CoDi:** QR overlay
- **DiMo:** Phone-based
- **23.7%:** Electronic transfer users (2024)

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| SPEI | Banxico | Instant | 5.34B txns (2024) |
| CoDi | Banxico | QR | 17M txns (2024) |
| DiMo | Banxico | Phone-based | 7M+ accounts |
| CBDC | Banxico | Digital peso | 2025 pilot |

### SPEI (Sistema de Pagos Electrónicos Interbancarios)
- 5.34 billion transactions (2024)
- 219 trillion pesos processed
- 6.51x Mexico's GDP
- Real-time settlement
- Foundation for CoDi/DiMo

### DiMo (Dinero Móvil) - 2023
- Phone number-based transfers
- Simplifies SPEI access
- 7 million+ registered accounts (May 2024)
- BBVA: 5M users anticipated
- $560M+ transaction volume projected

---

## QR code standards

### CoDi (Cobro Digital)

| Attribute | Value |
|-----------|-------|
| **Operator** | Banxico |
| **Launch** | 2019 |
| **Transactions** | 17M (2024) |
| **Growth** | 23% YoY |

### CoDi Features
- QR code scanning via smartphone
- NFC alternative available
- Internet messaging option
- Direct bank account linking
- Free transactions
- 24/7 availability

### CoDi Payment Flow
- Payment request generation
- QR code display
- Customer scans with app
- Bank account debited
- Real-time confirmation

### Adoption Challenges
- 8% population with accounts
- Fragmentation issues
- Interoperability gaps
- Trust building needed
- Infrastructure access

---

## Mobile payment apps

| App | Provider | QR | Features |
|-----|----------|-------|----------|
| BBVA Mexico | BBVA | Yes | CoDi/DiMo |
| Banorte | Banorte | Yes | CoDi |
| Citibanamex | Citi | Yes | CoDi |
| Third-party | Various | Yes | CoDi API |

### Bank Integration
- All major banks support CoDi
- DiMo adoption growing
- SPEI underlying all
- Mobile app access

### 2024 Adoption Progress
- 23.7% using electronic transfers
- Up from 8.2% in 2021
- Rapid adoption trajectory
- Trust building successful

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [CoDi](https://docs.barcoder.ai/docs/payments/MX/codi) | QR Code | Banxico | 17M txns | [`codi`](https://docs.barcoder.ai/docs/standards/codi) |
| [SPEI](https://docs.barcoder.ai/docs/payments/MX/spei) | Instant | Interbank | 5.34B txns | [`spei`](https://docs.barcoder.ai/docs/standards/spei) |
| [DiMo](https://docs.barcoder.ai/docs/payments/MX/dimo) | Phone-based | Banxico | 7M+ accounts | [`dimo`](https://docs.barcoder.ai/docs/standards/dimo) |

## Sources

- [TransFi - Mexico Payment Rails](https://www.transfi.com/blog/mexicos-payment-rails-how-they-work---inside-spei-codi-the-digital-shift-in-latin-americas-fintech-hub)
- [Rebill - SPEI](https://www.rebill.com/en/blog/spei-the-promise-of-instant-payments-in-mexico)
- [Mexico Business News - CoDi](https://mexicobusiness.news/finance/news/real-time-digital-payments-codi-case-mexico)
- [Mexico Business News - SPEI 2.0](https://mexicobusiness.news/finance/news/spei-20-and-digital-peso-rethinking-instant-payments)
- [Finofo - SPEI/CoDi](https://www.finofo.com/blog/spei-codi-how-payments-work-in-mexico)
- [Payments CMI - Mexico 2024](https://paymentscmi.com/insights/mexico-2024-analysis-of-payments-and-ecommerce-trends/)

## Full country report

[MX-mexico.md](https://docs.barcoder.ai/docs/payments/MX)