Amazon is working with Mexico’s government-backed bank on a mobile payments system.
Mexico's central bank is in talks with Amazon to launch a new government-backed mobile payment system that would allow consumers to pay for online purchases using QR codes, the bank's head of payments said.
The payment system, known as CoDi, is being built by central bank Banco de México, known as Banxico. CoDi will allow customers to make payments online and in person through smartphones free of charge using QR codes. It aims to bring more people into the formal financial sector.Amazon and Argentine rival MercadoLibre have approached the bank about adopting the system, Jaime Cortina, Banxico's director of operations and payments, told Reuters.
Amazon declined to comment. MercadoLibre confirmed that its payments arm MercadoPago was in contact with the central bank about digital payment solutions but declined to comment further. Cortina said online retailers should have no problem incorporating the technology at the same time as banks and other participants in the existing interbank payment system that powers CoDi.
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