THE ACCEPTANCE OF CONTACT LESS PAYMENT TECHNOLOGY IN MEXICO IS GROWING

  • In Australia more than 93% of transactions are made with contact less payment technology; in Europe the figure reaches 50% and in Costa Rica 28%

MasterCard, a payment technology technology company and iZettle, has enabled contactless payment technology in nearly 100,000 point-of-sale terminals of the aggregator in Mexico.

“IZettle plays an important role in the country since, thanks to our services, more businesses can accept card payments, manage their business and thus increase their sales. We help companies take advantage of the benefits of digital and disruptive financial services, such as accepting contactless payments easily, safely and quickly. We started by revolutionizing mobile payments in Mexico and now we offer the first mobile card reader in the country that accepts this type of payments. Contactless payments allow to reduce the payment time, making the waiting queue faster, and provide a better experience to customers, “said Luis Arceo, Country Manager of iZettle Mexico .

“Increasing acceptance is a fundamental pillar in the construction of the contactless payment ecosystem and we are very excited about this breakthrough achieved by our business partner iZettle. At Mastercard, we firmly believe that this technology will revolutionize the way purchases are made in Mexico thanks to its convenience, security and speed; as it is doing in other parts of the world, where adoption is exponential, “said Guillermo Escobar, Mastercard’s commercial executive vice president for Mexico and Central America .

Many countries have adopted this new payment method: in Australia more than 93% of transactions are made with contactless payment technology; in Europe the figure reaches 50%; Costa Rica already has 28% and in the United Kingdom, contactless transactions have exceeded transactions with Chip or PIN.

Advances in the acceptance of contactless payments show that Mexico is experiencing significant digital growth as indicated by the Digital Evolution Index for Latin America and the Caribbean. And this thanks to the momentum of stability of its institutions, areas of innovation and recent improvements in the infrastructure of information and communication technology (ICT) aimed at satisfying the demands of digital goods and services.

Contactless payment technology has great potential to displace cash in these purchases as well as boost the financial inclusion and economic development of the country.

Mastercard is developing a comprehensive strategy to strengthen the contactless payment ecosystem in Mexico: with businesses to grow acceptance, with financial institutions to expand the number of cards and with the consumer to publicize the benefits of this new means of payment.