Pay with CoDi Using Peanut — Coming Soon
Peanut is bringing CoDi support to Mexico. Pay at merchants via Mexico's central bank QR system — no Mexican bank account needed.
Pay with CoDi Using Peanut — Coming Soon
Peanut is adding CoDi support. Soon you'll be able to pay at merchants across Mexico directly from your Peanut balance. CoDi (Cobro Digital) is Mexico's central bank-backed QR payment system, built on top of SPEI — the country's established real-time payment infrastructure. With 18.4 million validated accounts and growing adoption, CoDi represents Mexico's push toward a cashless economy. Peanut's upcoming integration will let you use CoDi without needing a Mexican bank account or CURP.
Mexico is a critical corridor for Peanut. The US-Mexico remittance corridor is the largest bilateral corridor in the world at approximately $63 billion per year. Whether you're a digital nomad in Mexico City, a tourist in Playa del Carmen, or sending money to family in Guadalajara, CoDi through Peanut will let you pay the way Mexico is increasingly moving — by QR code, instantly, with no fees.
What Is CoDi?
CoDi (Cobro Digital) is a QR and NFC-based payment system developed and operated by Banxico (Banco de Mexico), Mexico's central bank. Launched in 2019, CoDi runs on top of SPEI (Sistema de Pagos Electronicos Interbancarios), Mexico's established real-time gross settlement system that already handles millions of interbank transfers daily.
CoDi is free for both consumers and merchants — there are no transaction fees, which is a deliberate design choice to promote financial inclusion and reduce Mexico's heavy reliance on cash. The system works through participating banks' mobile apps rather than requiring a standalone app. A merchant generates a CoDi QR code or NFC tag via their banking app, and the customer scans it and confirms the payment, which settles instantly via SPEI.
While CoDi adoption has been slower than expected compared to card payments and cash, the central bank backing and fee-free model position it for continued growth. Small businesses and independent merchants are increasingly adopting QR payments as an alternative to expensive card terminals.
How It Will Work
When Peanut adds CoDi support, paying at Mexican merchants will follow a simple flow:
How It Will Work
- 1
Open the Peanut app
Navigate to the payment section and select CoDi as your payment method.
- 2
Scan the merchant's CoDi QR code
Point your camera at the CoDi QR code displayed by the merchant at the point of sale.
- 3
Review the payment
See the merchant name, the amount in MXN, and the equivalent charge from your Peanut balance at the current exchange rate.
- 4
Confirm and pay
Tap to confirm. The merchant receives pesos instantly via SPEI, and the charge deducts from your Peanut balance.
The merchant will see a standard CoDi payment settling through SPEI. Your digital dollar balance converts to MXN behind the scenes at a competitive rate.
Where You Can Pay
CoDi merchant coverage is growing across Mexico:
- Small businesses and independent merchants — shops, repair services, and local vendors adopting QR as an alternative to cash
- Restaurants and cafes — a growing number of dining establishments accept CoDi
- Market vendors — traditional markets are beginning to adopt QR payments
- Online merchants — limited but expanding e-commerce adoption
CoDi adoption is strongest in major cities like Mexico City, Guadalajara, and Monterrey, where digital payment infrastructure is more developed. While cash remains dominant for small transactions in Mexico, CoDi's fee-free model and central bank backing are driving steady merchant adoption.
Mexico's payment landscape is shifting. SPEI already processes millions of transfers daily, and CoDi extends that infrastructure to point-of-sale payments. As adoption grows, CoDi will become an increasingly important way to pay across the country.
What You'll Need
To pay with CoDi through Peanut once the integration launches:
- A Peanut account — download the app and create your account
- Identity verification — verify with your passport or national ID card (no CURP or RFC required). Verification takes under 2 minutes and is handled by Persona, a certified identity provider. Peanut never sees or stores your documents.
- A funded balance — deposit digital dollars via bank transfer or supported networks
- No Mexican bank account needed — today, CoDi requires a bank account at a participating Mexican institution. Peanut removes this requirement, letting you pay into the CoDi network from anywhere.
Info
Specific requirements and limits will be confirmed at launch. Peanut's general model applies: no payment fees, competitive exchange rates, and rate locks at the moment of payment.
Fees and Exchange Rate
Peanut charges no fees on payments. When paying with CoDi through Peanut, you will pay the displayed exchange rate with no additional charges.
CoDi itself is fee-free for both consumers and merchants — this is a central bank mandate. Peanut extends that fee-free experience by charging no payment fees on its side either. The only cost is the exchange rate, which converts your digital dollar balance to MXN at a competitive rate.
The Mexican peso is relatively stable compared to other Latin American currencies, benefiting from nearshoring trends and higher interest rates. Traditional remittance providers to Mexico charge 1-4% with multi-day settlement. Peanut's model offers instant settlement at a better rate.
The exchange rate locks at the moment you confirm — the amount shown on your screen is exactly what gets charged.
Who This Is For
Peanut's CoDi integration is designed for anyone who needs to make payments in Mexico:
- People sending money to Mexico — the US-Mexico corridor processes $63 billion per year in remittances. Traditional providers charge 1-4% and take days to settle. Peanut offers a faster, cheaper path with funds spendable instantly via CoDi.
- Digital nomads — Mexico City, Playa del Carmen, Oaxaca, and Puerto Vallarta attract large remote worker communities. Pay for coworking spaces, restaurants, and daily expenses with CoDi instead of carrying cash.
- Tourists — Mexico welcomes tens of millions of international visitors annually. Pay at restaurants, shops, and markets using QR codes instead of fumbling with cash or paying card surcharges.
- Spanish travelers — Spain-to-Mexico is a significant travel corridor. Use Peanut for CoDi payments in Mexico and Bizum in Spain, all from one app.
