Mexico pilots national NFC and QR mobile payments system

Mexico’s central bank Banxico has begun trials of its cashless QR and NFC Cobro Digital (CoDi) electronic payment system with employees of financial institutions including BBVA Bancomer, Citibanamex, Santander, Banorte, Banregio and Fincomun. The system works by using QR codes to make electronic transfers through mobile phones which are linked to a user’s bank account. For counter sales, the merchant generates a collection message in the form of a static or dynamic QR code or NFC message which is sent to the customer’s mobile.