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  HOME | Mexico

Mastercard to Launch Online Pay Service Masterpass in Mexico This Year

BARCELONA – Tech multinational Mastercard will launch this year its online Masterpass payment service in Mexico, a system that allows users to make payments via any mobile device and at any sales location, whether digital or physical.

In an interview granted to EFE at the Mobile World Congress here, the head of the project in Latin America, Kim Hangoc, said that the service is already working successfully in Brazil, where it was launched in 2014.

Hangoc, one of the Mastercard executives participating in the congress being held presently in Barcelona, said that the platform already is “ready from the technical point of view” and that the system will be launched later this year in Mexico, where agreements have already been struck with some of the country’s banks to use it.

Masterpass is a system that allows users to make quick, easy and secure payments using mobile devices such as PCs, smartphones or tablets and by means of any Internet format, either via the Web or through an app.

The same system also allows purchases at a physical store using “contactless” technology.

In Spain, the service was launched in late 2016 by CaixaBank and Mastercard intends to expand it in Latin America after the great reception it has received in Brazil.

In that country, for example, Mastercard has been having great success with the service through the Bob’s chain, specifically in Rio de Janeiro, where the first store has been established where orders can be routed completely digitally.

Mastercard also has had successful experiences in Colombia, where a customer at the Juan Valdez coffee chain, which is very popular in that country, can download the Plazez app onto his or her mobile device, place an order and collect it at the store without having to wait in line.

Specifically, the app is one of the payment technologies that Mastercard is highlighting at its exhibit at the Barcelona congress, which kicked off on Feb. 27 and will run until March 2.

The executive in charge of Mastercard’s online payments in Latin America and the Caribbean says he thinks the Masterpass system offers “very good opportunities” in the region because the number of people with smartphones is growing every day by leaps and bounds throughout the region, given that “the population is very young.”

In fact, Hangoc emphasized that many young people “have almost completely gone from paying in cash to paying by mobile device,” without going through the computer, a trend that “is going to favor the technological jump in payments in Latin America.”

Regarding the level of penetration for “contactless” technology, he said that – so far – among the countries that are “most advanced” in using that payment system are Brazil, Mexico, Colombia and Chile, along with others in Central America like Panama and Costa Rica.

 

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