MasterCard to offer Smart Wallet in Mexico

By Elliot Bullman

Through a new platform the company seeks to replace plastic and allow payments through mobile devices with tokenization.

Earlier this year, MasterCard Mexico announced its plans to pay for services such as public transport in Mexico City with new methods like the Mastercard Digital Wallet, a platform that will arrive in a couple of months to the region.

masterpass mexico 4Original image, courtesy of Mastercard

Jorn Lambert, Executive Vice President of MasterCard says that using cash is a dangerous and obsolete payment practice and although payment with plastic cards has brought benefits, in some years it will also be a useless practice.

"The next step is tokenization, we need more integrated cities in their forms of payment. Seeing wearables, phones or mobile devices as the new payment tools will be new portfolios, "he said.

masterpass mexico 2Original image, courtesy ofMastercard

Regarding the company´s plans for Mexico, the manager said that it is a region that is more than optimal to implement its smart payment plans and in some months the country will witness this.

With MasterPass, smart wallet payments can be made through smart devices such as bracelets, watches and mobile phones that are compatible withdigital payment applications; They will also be able to shop online at sites that are compatible with the technology.

masterpass mexico.JPGOriginal image, courtesy ofMastercard

This payment system is already used in cities such as New York and London where it has had successful results. Now for this year, the company plans to introduce this service in collaboration with the authorities of Mexico City, as well as in other markets such as Brazil, one of the largest for MasterCard.

If this payment option is carried out in Mexico City, it would operate through Contactless technology, the same as the existing cards for transportation, except the difference is that the user can also make payments in establishments.

masterpass mexico 3Original image, courtesy ofMastercard

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