UNITED KINGDOM: London-based global fintech Unlimint, has announced it is expanding its alternative payment methods portfolio with the addition of one of Mexico’s largest electronic payments platforms, Cobro Digital (CoDi). This integration will allow Unlimint’s clients to offer their users a quick and secure way to complete payment and collection transactions through electronic transfers. CoDi® uses the technology of QR Codes, free two-dimensional barcodes, that are easy to implement on any mobile device. Unlimint is an award-winning global fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses across the globe, operating from five continents.
CoDi was created in 2018 by the Bank of Mexico (Banxico) aiming to enable users to charge and make payments through their smartphone or directly from their internet browser. 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. By adding CoDi to its portfolio, Unlimint will allow merchants to expand into the Mexican market more easily while ensuring they remain competitive in the region.
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. 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. This new addition to Unlimint’s portfolio will enable businesses from the UK and Europe to deliver a seamless customer experience by offering regional clients a full set of secure payment methods to choose from.
Consumers have been shifting towards card and digital payments as awareness grows around electronic banking and mobile wallets. According to Statista, 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.
Commenting on the portfolio expansion, Irene Skrynova, Chief Customer Officer at Unlimint, said:
“We are delighted to be able to offer a new alternative payment method to businesses in Mexico. As consumers become more aware of online payment methods, it is important for merchants to facilitate secure transactions without cash. Adding CoDi to our portfolio proves Unlimint is committed to enabling clients to grow anywhere in the world and incorporate popular local electronic payment methods into their operations to remain competitive.”