UK-based fintech Unlimint has added Mexico's electronic payment platforms CoDi to its alternative payment methods portfolio to allow European and UK companies to expand into the region. This integration is meant to allow Unlimint’s clients to offer their users a quick and secure way to complete payment and collection transactions through electronic transfers.

CoDi operates QR code as the main technology for transactions, along with free two-dimensional barcodes, that are easy to implement on any mobile device. CoDi and its place in Mexico’s preferred payment methods CoDi was created in 2018 by the Bank of Mexico (Banxico), in order to facilitate mobile payments or payments operated directly from the internet browser. As the press release informs, the platform was designed to stimulate the transition to a cashless economy.

By April 2021, 287 thousand online money transfers were performed in Mexico using CoDi amounting to more than 146 million Mexican pesos. Consumers can choose to pay via CoDi at a merchant's checkout page, and they are redirected to the platform’s payment page with the QR code. At this stage, the user opens their banking app on their mobile phone and chooses the option to pay with CoDi, prompting the bank’s app to launch the camera to scan the QR code.

Once scanned, the money transfer is confirmed in the app by the user and they are redirected to the merchant’s success page having completed the transaction. By adding CoDi to their alternative payment method portfolio, businesses from the UK and Europe are said to gain a gateway to offering regional clients a full set of secure payment methods to choose from. A rise in digital payments in Mexico According to Statista data cited by Unlimint, while cash remained Mexico's most used payment method since COVID-19, its market share decreased severely with only 4 out of 10 transactions in physical stores done via paper money in 2021.

Researchandmarkets. com provides data revealing that the top payment methods used by consumers in Mexico when shopping online are credit and debit cards, according to a recent survey cited in the report. Digital wallets like PayPal rank next, followed by cash-based payment methods such as Oxxo.

The study forecasts that by the year 2025, ecommerce in Mexico will account for over one-half of total sales growth. Already the number of Internet users and online shoppers in Mexico has risen and continues to do so. Cross-border ecommerce has also become increasingly popular, according to the cited study, with around two-thirds of online shoppers in Mexico shopping from foreign websites.

CoDI does not seem to climb as high as other popular payment methods in the region, but it gained visible traction in the last two years. Statista research from March 2022 completes this picture, revealing that in April 2021, online money transfers amounting to more than MXN 146 million (USD 7. 2 million) were performed in Mexico using CoDi.

This figure has almost tripled in comparison to the same month in 2020, when the value of transactions using this payment app added up to MXN 55. 27 million (USD 2. 7 million).

To learn more about Unlimint, please check out the company profile in The Paypers Company Database. .