VeriFone Systems (NYSE: PAY), will provide the merchant payment solutions in the initial phase of the first major contactless payment rollout in Mexico City by the Mexican bank Banamex, which begins today.
Banamex, part of Grupo Financiero Banamex and a member of Citi, is implementing a full-scale contactless payment deployment. In the first phase, several thousand VeriFone contactless-enabled card acceptance systems will be deployed to 1,900 merchants in the Mexico City metropolitan area. The bank is also issuing 100,000 contactless credit and debit cards to begin the transition to the new innovative way of payment.
The bank will deploy the VeriFone VX 520 to merchants who use traditional standalone countertop systems, and the VX 820 advance PIN pad to larger retailers that integrate payment systems to electronic cash register systems.
"VeriFone is the natural choice to provide the merchant acceptance solutions, based on its leading technology and experience in Mexico," said VeriFone Country Manager Erick Lopez Sanchez. "VeriFone is a key enabler in this electronic payment experience in Banamex, which will provide consumers and merchants with an easier, more convenient way of payment."
By end of 2012, the bank expects to have issued 1 million contactless cards and to have deployed 12,000 payment acceptance systems. For purchases of less than 250 pesos (approx. US$15), contactless payments will require no signatures, resulting in quick service in locales such as fast food restaurants, bookstores, pharmacies, magazine stands and other types of businesses.
VeriFone's VX 520 and VX 820 are members of the VX Evolution product family, which provides advanced technology capabilities such as NFC/contactless, EMV, and tighter security with PCI PTS 3.0, as well as higher-level performance and the ultimate in reliability.