Mexico's BBVA Bancomer orders 100K Xiring personal pocket readers
16 November 2005 | 12218 views | 0
XIRING, the specialist in smart-card based security solutions, announces the delivery of 100,000 personal pocket readers, to BBVA Bancomer, Mexico's leading financial Group.
In association with the "Vida Bancomer" marketing program, the Xi-Card smart card reader allows each cardholder to check the coupons, loyalty points, or cash bonuses earned at participating merchants through use of his/her EMV payment card. The Xi-Card is key to the program, which is aimed at accelerating the adoption of the EMV payment card, and making "Vida Bancomer" the top-of-wallet card.
BBVA Bancomer, Mexico's leading Financial Services Group, launched its EMV Visa chip credit card, with enhanced payment features, in March 2005. The marketing program, called Vida Bancomer, is the first of its kind in Mexico, and offers a new way to pay; using automated discount mechanics, instant rewards and other features designed to surprise and delight customers.
"Vida Bancomer cardholders in Mexico can obtain added-value benefits instantly, in three different ways: by obtaining discounts at the time of purchase; by accumulating and redeeming points at thousands of participating merchants; or by obtaining electronic coupons that can be redeemed for merchandise, discounts, or cash back.
To accelerate the adoption of the new card, BBVA Bancomer has collaborated with XIRING to design a flexible personal reader, the "Xi-Card Vida Bancomer". A card size pocket reader, the Xi-Card features a three line display, and three buttons for navigation, allowing cardholders to take full advantage of this innovative marketing campaign. By using this reader, the program details, and earnings, stored on the EMV smart card, can be checked any time.
The cardholder simply has to insert his Vida Bancomer payment card into the Xi-Card. He can then view details of his cash bonus, coupons, or loyalty points, as well as their validity date. New programs can be dynamically loaded on to the card though the merchant's point of sales terminal (POS), and then displayed on the Xi-Card, thus providing the necessary flexibility to extend the program and support new campaigns.
In the near future, through the InfoChip function, the Xi-Card will also be able to display personal information that the cardholder has decided to store on his card, such as emergency medical information, telephone numbers or anniversaries. As a familiar card companion, the Xi-Card will encourage the rapid adoption of this new card, and will thus be a contributor to the success of the Vida Bancomer program.
"To date, migrating to chip cards has primarily been a strategy to reduce fraud. But with ‘Vida Bancomer’, customers will enjoy a richer payment experience, as well as enhanced security, all in the same card," comments Rodrigo Manrique, Director of Cards and Consumer Credits, BBVA Bancomer. "We are proud to launch the first full-featured chip card program in Mexico, an innovation that will change the purchase experience for both customers and merchants."
By October 2005, more than 8,000 points of sale had formalized their participation in the "Vida Bancomer" program. It is expected that over the first year, more than 10,000 merchants will be affiliated. Affiliated merchants will immediately benefit from this powerful marketing offer; more than 1,800,000 smart cards have already been delivered to customers, and of these, 100,000 will receive XIRING Xi-Card readers in December 2005.
Vida Bancomer has played an important role in helping BBVA Bancomer achieve its acquisition goal, by reaching a record volume of 700,000 opened accounts in 2005. By the close of 2005, we predict over two million cards will have been converted to the new technology, complete with the Vida Bancomer program. Furthermore, 2006 will see 90% of BBVA Bancomer's bank cards converted to EMV and Vida Bancomer. In order to keep pace with demand, in 2006, BBVA Bancomer plans to distribute a further 100,000 XIRING readers.
"We are delighted to work for such a prestigious financial institution. BBVA Bancomer is deploying one of the most ambitious smart card programs in Latin America, and XIRING is proud to be part of it. We are confident that cardholders will appreciate their Xi-Card Vida Bancomer, which has been specifically tailored for the program. We wish to develop our relationship with BBVA Bancomer, in order to help them improve their program step by step," declares Georges Liberman, President and CEO, XIRING.