Mexico Looks to Revive Pix-Like Instant Payments System Codi

Mexico is launching a campaign to steer citizens from cash to digital payments, the Financial Times reported Wednesday (Aug. 19).

Part of the effort involves an attempt to rejuvenate Codi, a real-time payments platform similar to Brazil’s widely used Pix, the report said.

While past attempts have failed, Mexico’s government said it is making a serious push toward digitization in a country where 85% of the people use cash for purchases of 500 pesos (about $30) or less, according to the report. President Claudia Sheinbaum tapped one of her closest advisers, José Antonio Peña Merino, to oversee a plan for mass adoption of digital payments.

“The president had this in her head from the beginning, from the transition,” Peña Merino said, per the report. “In 2027, at least 50% of adults will make at least one digital payment. I think it’ll be higher than that honestly … In the end, if you make a product that solves a problem, it’ll be adopted.”

Mexico’s central bank debuted Codi seven years ago, although it did not resonate with consumers the way Pix has in Brazil, the report said.

The PYMNTS Intelligence report “Digital Developments: Charting Digital Payment Growth in Latin America” found in April 2025 that Pix had achieved unprecedented growth while becoming one of the most preferred payment methods in Brazil.

“Since its introduction, Pix has significantly boosted financial inclusion by encouraging the opening of digital accounts across all societal segments and integrating more individuals into the financial ecosystem,” the report said.

The Mexican government’s plans include simplifying and promoting Codi, pushing informal businesses to start a new kind of online bank account that is not linked to a tax ID, and mandating digital payments at gas stations and toll booths, according to the FT report.

Mexico’s central bank has also instituted new rules requiring lenders to adopt a standardized user experience for Codi by the year’s end, and the country’s banking industry is ready to act, the report said.

The irony is that if Mexico succeeds, it might face the same problems as Brazil did, according to the report. The U.S. government placed new tariffs on Brazil this year, in part because the President Donald Trump administration said Pix has treated payments firms in the United States unfairly.