Mexico's CoDi and DiMo Struggle for Traction as SPEI Dominates Instant Payments

Banco de Mexico's two overlay services built on SPEI have collectively enrolled over 33 million accounts since 2019 but converted only a fraction into regular transactions, reflecting the persistent leadership of cash and direct SPEI transfers in the Mexican market.

CoDi is Mexico's QR-code payment service, launched by Banco de Mexico in September 2019. The platform reached 21.8 million validated accounts by September 2025. CoDi has processed 17.8 million cumulative transactions through September 2025. The cumulative transaction value reached 16.72 billion pesos.

DiMo launched in March 2023 as a phone-number-based transfer service on the SPEI rail. The service surpassed 12 million enrolled accounts by late 2024. More than 20 financial institutions participate in DiMo. Banxico projects that account-to-account transfers via DiMo could increase from 6 percent to 8 percent of online transactions by 2027.

Both services operate as overlays on SPEI, Mexico's interbank payment system. SPEI processed 3.82 billion transactions in 2023. Thirty-eight SPEI participants offered CoDi services by end of 2023. Banks have had limited incentive to promote CoDi because it generates no commissions for participating institutions. Banxico announced plans to accelerate DiMo adoption in 2025 through coordinated promotion with banks and other financial institutions.