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Amazon talks to Mexican central bank about govt-backed m-payments system

The Mexican central bank is in talks with Amazon about support for a new government-backed QR code-based mobile payments service, according to Reuters.

As part of an effort to boost financial inclusion, Banco de México is already building the system, called CoDi, which will let Mexicans make online and in-person payments with their mobile phones.

With a pilot set to kick off this month, Amazon and Argentinian e-commerce firm MercadoLibre are already talking to the bank about adopting the system, says Reuters.

Related Companies

Amazon

Channels

Retail banking Payments

Keywords

Mobile & online banking E-commerce Eftpos

Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Comments: (2)

Duane Tough - PBATM - ny 06 March, 2019, 17:34

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This could be a good thing for Mexico...as long as it opens up to various consumer choices and is not only for Amazon offerings....

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Jorge Prado - PwC - Berlin 07 March, 2019, 09:35

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Could this be the great return of the QR payments?

Certainly it would be if it happened in Europe. I believe poor implementation, fragmentation of opinion and a lack of support for the QR initiative ultimately confused Europeans rather than excite the masses.

However, this seems to be an excellent opportunity for progressive Mexicans to take mobile payments to the next level. With the backing (and financing?) from Amazon it seems poised to turned into a successful initiative. Perhaps even to resemble the massively successful use of QR codes in China.

Maybe Amazon hopes to become the WeChat of Latin America?