Banco Nacional de México (Banamex) has teamed up with MasterCard to roll out the MasterCard PayPass contactless payment cards in Mexico City and the surrounding metropolitan area. MasterCard PayPass payment solution is expected to allow about one million Banamex credit and debit cardholders to make purchases by year-end in more than 12,000 merchant locations in Mexico City.
To carry out payments, cardholders need to their Banamex MasterCard PayPass credit or debit card on a specially equipped merchant terminal which then transmits the transaction data wirelessly.
The types of merchants that accept this new payment technology in the country’s capital are: fast food restaurants, convenience stores, cafeterias, movie theatres, among other merchants. Signatures are not required for PayPass purchases of 250 pesos or less (or local currency equivalent) in all regions except Europe or countries which have previously approved PayPass limits.
The PayPass technology will be available initially for the Banamex Travel Pass, BSmart credit cards, and Perfiles debit cardholders selected based on their credit history.
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