The cards and payments market in Mexico is being aided by the expansion of the contactless payment segment which is in turn being driven by the increasing penetration of NFC and POS infrastructure development. The use of conventional terminals for payments is being replaced by POS terminals which are being distributed by banks which are offering advanced technologies such as wireless technology, multiple applications, multiple card support, high security standards such as high encryption standards.
Various organizations are focusing on the capitalization of this opportunity by launching smart chip equipped cards. Uni Santander-K and B-Smart cards are two such examples launched by Santander and Citigroup respectively. Further, the majority of banks in Mexico are offering cards compliant with EMV technology for providing secured card transactions. Basic, Platinum, and Classic credit cards are being offered by BanRegio, and are equipped with and EMV chip technology.
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Market Growth Potential
The banks and issuers are focusing on the provision of enhanced security to customers in order to protect them from fraud. This is being done thought the implementation of innovative measures of security in association with network operators. The implementation of chip technology, using both PIN and chip technology, is also an example of measures being taken to increase security. Contactless payment systems are another major front wherein fraud is being combated. The NFC technology is anticipated to be a major driver for infrastructural growth of the cards and payments market in Mexico, but the PayPass system by MasterCard has not taken off in the country.
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The Market in Mexico is analysed geographically under the region of North America. Mexico accounts for one of the largest shares of the North America Cards and Payments 2017, and is also showing robust growth in the market. The expansion in the contactless payments segment, and the adoption of new technologies for customer protections are the major drivers aiding the growth of the card payments channel in Mexico.
Some of the dominating players in Australia Cards and Payments Market:
- BBVA Bancomer
- Banco Santander
- Nacional Financiera
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