Banco Nacional de México (Banamex) and MasterCard recently introduced MasterCard PayPass, a contactless payment solution which will allow about one million Banamex credit and debit cardholders to make purchases by year-end in more than 12,000 merchant locations in Mexico City and the surrounding metropolitan area.
PayPass is a contactless payment feature that provides consumers with a fast, secure and convenient way to make their everyday purchases. All the cardholder needs to do is tap their Banamex MasterCard PayPass credit or debit card on a specially equipped merchant terminal which then securely transmits the transaction data wirelessly. The cardholder does not need to give the card to the attendant or cashier to swipe it or insert it in the terminal, increasing the speed and convenience of the check-out process.
The types of merchants that accept this new payment technology in the country's capital are: fast food restaurants, convenience stores, cafeterias, movie theatres, among other merchants. Signatures are not required for PayPass purchases of $250 pesos or less (or local currency equivalent) in all regions except Europe or countries which have previously approved PayPass limits, further speeding customers' transactions.
The PayPass technology will be available initially for the Banamex Travel Pass, BSmart credit cards, and Perfiles debit cardholders selected based on their credit history.
This contactless technology not only offers the same level of security as Banamex cards, via the card's chip technology and the magnetic stripe, it also makes transactions faster.
"Through transactional platforms such as this, Banamex takes another step in its long history of being the bank that provides the most innovative and secure payment solutions for purchases," said Ernesto Torres Cantu, general manager of Banamex.
"The Mexican market is in constant evolution and the needs of consumers are quite different in comparison to a few years ago. At MasterCard we are aware of the evolving needs of consumers and we are focused on being at the vanguard of electronic payments - developing and offering our customers and cardholders, platforms and innovative payment products that make their day-to-day lives easier. PayPass is a clear examxample of a successful payment innovation launched in many countries around the globe and today we are excited to launch it in Mexico together with our partner Banamex," said Antonio Junco, General Director of MasterCard Mexico and Central America.