Mexican bank Banamex has selected VeriFone Systems to offer the merchant payment solutions in the initial phase of the first major contactless payment launch in Mexico City.
Banamex, part of Grupo Financiero Banamex and a member of Citi, has plans to set up several thousand VeriFone contactless-enabled card acceptance systems to 1,900 merchants in the Mexico City metropolitan area, the bank said.
In order to ensure the success of the initiative, the company has issued 100,000 contactless credit and debit cards to begin the transition in the new.
According to the firm, it will add the VeriFone VX 520 to merchants who use traditional standalone countertop systems, and the VX 820 advance PIN pad to larger retailers that integrate payment systems to electronic cash register systems.
VeriFone country manager Erick Lopez Sanchez said VeriFone is the natural choice to provide the merchant acceptance solutions, based on its leading technology and experience in Mexico.
"VeriFone is a key enabler in this electronic payment experience in Banamex, which will provide consumers and merchants with an easier, more convenient way of payment," Sanchez added.
The bank has set an aim to issue 1 million contactless cards and to have deployed 12,000 payment acceptance systems, by the end of current fiscal.
Providing additional convince to its customers, the bank has decided to allow signless contactless payments for purchases of less than 250 pesos ($15), resulting in quick service in locales such as fast food restaurants, bookstores, pharmacies, magazine stands and other types of businesses.