Mexico’s “request to pay” infrastructure is set to launch today, carrying with it hope from authorities that this latest step on the country’s road to payments modernisation will help nudge consumers away from heavy cash usage.
Known as “digital collection” (CoDi), the new technology will operate on Mexico’s real-time gross settlement (RTGS) system and enable the use of QR codes and near field communication (NFC) for point of sale payments.
With cash currently accounting for approximately 90 percent of consumer transactions in Mexico, it is hoped that this new initiative will move more of the population into the formal financial sector.
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