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Payment Rail Systems

SPEI-CoDi: How Payments work in Mexico

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SPEI-CoDi, standing for Sistema de Pagos Electronicos Interbancarios - Cobro Digital, is a transformative digital payment system in Mexico. It represents a significant leap forward in the country's journey towards a cashless and digitally empowered economy. This innovative platform, developed by Banco de Mexico, combines real-time interbank electronic transfers (SPEI) with a quick response (QR) code-based payment method (CoDi). SPEI-CoDi is designed to facilitate secure, efficient, and instantaneous transactions for both individuals and businesses, drastically simplifying the process of digital payments and promoting financial inclusion across the nation.

History of SPEI-CoDi

The SPEI system, initially launched by Banco de Mexico in the early 2000s, was created to enable fast and secure electronic fund transfers between banks. In its evolution, SPEI became the backbone of digital transactions in Mexico, widely used for various types of payments. Building on this foundation, the CoDi system was introduced in 2019 as an extension to SPEI, aimed at broadening digital payment accessibility. CoDi allows users to make and receive payments by scanning QR codes through their smartphones, linking directly to their bank accounts.

Business Scenario Example of Using SPEI-CoDi in Mexico:

  • Businesses Involved: 'Cafe del Sol', a popular coffee shop in Mexico City, and 'Fresca Fruits', a local fruit supplier.
  • Banks Used: Cafe del Sol holds an account with Banorte, while Fresca Fruits banks with BBVA Mexico.

Transaction Requirement: Cafe del Sol needs to make a payment of MXN 15,000 to Fresca Fruits for a recent delivery of fresh produce.

While the system has its merits, it's equally important to be aware of its limitations. Let's delve into both the positive aspects and the drawbacks to get a well-rounded perspective of the system.

Costs Involved in the Transfer Process

One of the significant benefits of SPEI-CoDi is its cost-effectiveness. For individual users, transactions made via SPEI are typically free of charge, making it an affordable option for everyday transactions.

Timelines for the Transfer

Transactions through SPEI-CoDi are known for their rapid processing. SPEI transfers are typically completed within a few seconds to a few minutes, making it an excellent tool for real-time, urgent transactions. The instantaneous nature of SPEI ensures that funds are transferred quickly between accounts, enhancing the efficiency of both personal and business financial operations. CoDi, being an extension of SPEI, also benefits from this swift processing capability, allowing users to complete transactions almost instantly by scanning QR codes.


Are you dealing with suppliers or customers in Mexico but facing challenges in opening a business entity to leverage SPEI for local transactions? Finofo simplifies this process by helping you set up local accounts in Mexico, allowing you to use SPEI and other Mexican payment rails as seamlessly as a local business. With Finofo, bypass the complex paperwork and streamline your transactions in a straightforward manner. Finofo enables easy access to SPEI, ensuring your transactions are handled efficiently, just like a native Mexican business.

Karthikeyan Sundaram