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Introduction
There’s no doubt that the Mexican online gambling scene keeps getting bigger and bigger, with lots of new methods being offered across sites that accept players from the country, like CoDi. This is a method designed not so long ago, which facilitates online banking for Mexican users and improves the ways of transacting online for them. It started getting offered across the online gambling industry in times when Mexican players needed it the most since not that many local solutions are offered across international casino sites. But with this solution, you can certainly make the smoothest and most secure deposits and withdrawals across many sites. What is CoDi and why choose to use it across online casinos?
About CoDi
The Bank of Mexico (Banxico) launched this innovative and revolutionary solution in 2019 that we know as CoDi. It is an electronic payment platform launched with the Mexican users in mind, allowing them to make secure and swift payments and purchases over the internet. Its acronym means Cobro Digital, translated to Digital Payments, therefore, users can use it for all kinds of mobile and digital transactions, relying on its world-class security system.
The solution functions through innovative technology for transaction processing, based on QR codes; which means, to use it, you'd have to have a smartphone, that could actually read the codes. And as you’d assume, you also have to be a bank account holder, considering the solution was launched by the Bank of Mexico, and functions through the standard banking system in the country, with the aim to facilitate the transition to a cashless economy.
Even though a fairly new solution in the country, the minute it launched it was an instant hit. Banxico reported that over 146 million Mexican pesos went through its platform, in just two years after its launch. And since it has the standard banking system behind it, it is one of the safest and reliable solutions for Mexican users. Add to that the fact that it is fee-free, and you can understand why it is such a popular option among users.
You don’t need to download an app to use it, and the solution is extremely easy to use. As long as you have a smartphone and an active bank account, you can start using it right away. It was designed for the people, to enable them to make the safest, smoothest and most cost-efficient transactions over the internet, and that’s why it is so intuitive to use.
With all of these pieces of information in mind, it should come as no surprise for you to learn that CoDi is accepted across the top Mexican casinos. Sites based in the country but also international casinos offer it, to cater to the Mexican user base in the best way possible. Therefore, if a Mexican player in search of a convenient payment method to use across online casinos, this is one you might want to consider. Continue reading to figure out how to get started with it.
Getting Started with It
Since transactions with CoDi are processed through electronic bank transfer, and we mentioned the solution works through QR codes, you first need to meet the two preconditions to use it. As long as you have a bank account with any of the leading Mexican banks and a smartphone, regardless of its operating system, you’re on the right track.
When designing the solution, Banxico had in mind the fact that over 12 million Mexican citizens are using smartphones on a daily basis. Plus, it considered that people were using these devices to get access to the internet, and what’s most important, to make payments with them over the internet, too. And, it assumed that most of these users have a bank app installed on their smartphones, to get quicker access to their bank accounts.
As said, you don’t have to download a separate app to use the solution; your bank’s app would be sufficient. Banxico wanted to make it as effortless to use as possible, so you never have to download additional apps, but you just have to find it in your bank app to start using it. The online casino operator has the option to download an app but this is not an app users can or should have on their smartphone to use the solution.
With all of these in mind, Banxico made things really simple for users. It made sure to not bother you with downloading a separate app on your device to use the solution; as long as you have your bank’s app downloaded, you are ready to start using it immediately. You’ll be using the QR system for purchases and payments when using the solution offline, at restaurants and stores. But online, you’d need to go through a different procedure to use it.
For online casino deposits, for instance, you’d need to enter your online banking profile and find the CoDi section. Go to it and sign up to use the service. Then, you’d need to request your chosen casino operator to “generate a CoDi”, meaning to prepare a payment request which will have all the details for the transaction; these details would include the amount to send, the subject of the payment and the name of the casino operator. Once settled, you’ll be redirected to your online banking profile or app, to review the details and authorize the payment, by providing your face, token, fingerprint or PIN, depending on the authentication method you’re using. With that, both you and the casino will receive a notification, to confirm the transaction and in an instant, you’ll see the money available on your casino balance.
While this is one option, there's another option across online casinos for making a deposit with the solution. The casino can choose to leave the field Amount empty, so that you as the player, can enter exactly the amount you wish to deposit, instead of the operator doing that for you. That way, you won't need to contact the Support agents, which is a step otherwise needed to complete the procedure as explained above. For this option to be possible, though, the casino operator you've chosen must have enrolled with CoDi. If that’s not the case, you’d need to go through the procedure described above and contact a Support agent to specify how much you’d like to deposit through the solution
Now that you know the two ways to make a deposit at an online casino with the solution, let's see the actual steps you need to make, from the moment you choose a casino to the moment you fund your casino balance.
How to Deposit at Online Casinos with CoDi?
More and more operators are entering the Mexican market after obtaining licenses to operate in the country, since the country legalized online gambling a few years ago. Most of those sites, as you’ll notice when you do your research, have started accepting CoDi as a payment method. So, you’d need to look for some candidates, explore what they have to offer, and choose the site you’d like to join. Register your account with it, and in no time, you’ll be able to make your first deposit with the solution.
To make a deposit with CoDi, you’d need to go through the following steps:
- Visit your chosen casino’s Payments/Deposits/Cashier page.
- On the list of offered methods, look for Banxico or CoDi’s logo and press it.
- In the pop-up, use your standard credentials to enter your online banking profile.
- If an option, specify how much you’d like to fund your casino balance with; if not, contact a Customer Support agent and tell them the amount to enter it for you.
- Wait for a reference number to be generated by the operator; once sent to you, enter it on your online banking profile where needed.
- Watch the money arriving on your casino balance in an instant.
How to Withdraw Winnings with It?
Contrary to popular opinion, since this is still a solution that works through smart devices, withdrawals with CoDi are possible. After all, the solution functions through the standard banking system in Mexico, so it can process transactions the other way around.
You'd need to go through the same steps as just described, only specifying how much you'd like to cash out on step 4. As soon as the casino processes the request and approves it, within 48 hours, you'll receive your winnings in your bank account.
Fees and Limits
As introduced, this is completely free-of-charge solution to use. Since it was launched by the Bank of Mexico, it was designed to offer users the most affordable transactions, eliminating any possible fees that might come on the way. It was created to be the most inexpensive solution available in Mexico.
The best part is, deposits and withdrawals across casinos with it will also be fee-free, considering it is a digital payment solution.
Allowed Countries
You’ve probably realized by now, having read what you have, that the solution is only available in Mexico. Only online casino players from the country can use it, so if you’re from any other country, do not expect to be able to make deposits and withdrawals with it.
Now, as a Mexican player, however, remember that you need to meet the two preconditions to use it, too. Unless you have an active bank account and a smartphone, you won’t be able to use it either.
Accepted Currencies
By default, considering the solution is only available in Mexico, the default and only currency you could use to transact with it across online casinos is the Mexican peso.
This is convenient for you as a Mexican player frequenting casinos that accept your native currency since you won't be paying conversion fees.
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FAQs
Does CoDi offer a Customer Support service?
Yes, indeed. Since this solution was designed to be user-friendly, its Customer Support service works 24/7 to provide you with the assistance you need via the phone lines 800-767-2634 and 800-POR-CODE, and the email address codi@banxico.org.mx.
Is its official website available in different languages?
No, but that’s expected, considering this is a solution only available to Mexican users; by default, Spanish is the only language you could use to explore its website.
Must I have my smartphone connected to the internet to use CoDi?
Yes, this is obligatory. As you would expect, for the transaction to succeed and the funds to be transferred, your smartphone must be connected to the internet.
Is it obligatory to have an account with Banxico in order to use the service?
No, as a matter of fact, this is not a must. You must have an active bank account, with any bank that's part of the SPEI system. So, in case you have an account with such a bank, you can start using it right away.
Is it possible to reverse a transaction I’ve made with the solution?
Yes, of course it is, considering this is a solution that works through the traditional banking system. The transaction will be duly recorded, so at your request, you could ask the casino to return the funds to your bank account, in partial or full amounts, whichever suits you. That way, if you've deposited more than you were supposed to, you could get a partial or full refund.