New Banamex Wallet takes payments to the next level, as consumers are able to use their mobile phones to make payments at contactless-enabled terminals
Mexico City, February 16, 2016– Today Banamex and MasterCard unveiled the new Banamex Wallet, a new mobile application for Android smart phones, allowing consumers to pay using their mobile phone at contactless-enabled terminals.
Banamex, a pioneer in the implementation of Contactless technology since 2012, furthers innovation in payments with the launch of the wallet – which takes payments to the next level in Mexico. Payments using the wallet can be done without the use of cellular data given that a direct connection is established between the mobile phone and the terminal. Banamex has over 70.000 contactless terminals throughout the country.
The main benefits of Banamex Wallet are:
- Ability to have all your Banamex cards in one seamless, easy to use application
- No need to carry your cards with you all the time
- High level of built-in security when making transactions, and the use of a customer designated PIN
- Purchases can be made without being connected to internet
- View purchase history from your mobile phone
Mexico becomes the first market in which Citi and MasterCard, within the global digital payments initiative agreement, deploy a digital wallet leveraging HCE (Host Card Emulation) technology. Banamex is also the first Latin American bank to implement this type of Wallet, an effort which will be replicated in other markets.
The wallet features key MasterCard technologies including MasterCard Cloud-based Payments (MCBP), which digitizes card credentials securely and MasterCard Digital Enablement Service (MDES). MDES adds an additional level of security through the use of tokenization. Tokenization is a process in which private consumer data is replaced by a unique identifier (a token) and which ultimately further protects payment data – making the solution safe, simple and smart.
“Through launches like this, we hope to demonstrate how Banamex is at the forefront of innovation and is positioning itself to be the digital bank of Mexico,” stated Edgardo del Rincón Gutiérrez, consumer banking director for Banamex. “Banamex plays a crucial role in Citi’s strategy, and we are optimistic about the growth and development in this market.”
Antonio Junco, President of MasterCard Mexico and Central America, adds “this is an important milestone for the payments industry in Mexico. Thanks to the valuable partnership between Citi and MasterCard, we are unveiling an innovative solution that enhances how we make payments in our day-to-day lives.”
HCE technology is available on mobile phones with NFC and Android 4.4 or above.
Banamex contact: Gerardo Gregoire | (55) 2262 6128
MasterCard contact: Beatriz Begne / Roberto Vila | (55) 5480 8031
About the Banamex Financial Group: The Banamex Financial Group is the leading financial group in Mexico. Following a universal banking strategy, the Group offers a variety of financial services for individuals or legal entities, including commercial and investment banking, insurance and investment mapping. Banamex, founded in 1884, has a large distribution network with over 1.540 branches, serving over 20 million clients, conducting 17,5 million transactions through its infrastructure composed of 7.100 ATMs, in addition to 108.000 Point of Sale Terminals (POST) operated by EVO Payments International and over 18.800 branches located all over the country.
About MasterCard: MasterCard (NYSE: MA) www.mastercard.com is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardLAC and in LinkedIn, join the discussion in our blog and register to receive the latest news through our engagement bureau.
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