Mastercard has partnered with Germany’s Giesecke+Devrient (G+D) Mobile Security to accelerate issuance of contactless cards in Latin America and the Caribbean (LAC) region.
Furthermore, the German mobile security technology firm will provide preferential pricing to Mastercard issuers looking to switch over to contactless cards.
Mastercard vice-president of business development for LAC Rodolfo Duran said: “When consumers go to a store, they don’t want to stand in line to check out – they want a seamless, secure payment experience that moves at their pace.
“This is an exciting evolution in our region. We are very happy to partner with G+D Mobile Security to accelerate contactless technology with our issuers. It’s the latest in a series of initiatives Mastercard has taken to drive significant transformation in payments for the LAC region.”
In addition, G+D financial services & solutions director for LATAM Luis Cirerol said: “Security and efficiency must go hand-in-hand in the evolving world of payments.
“On one hand, consumers are increasingly demanding about their requirements of service providers. They expect greater flexibility and immediacy in their payments.
“On the other hand, technology is transforming the financial landscape. G+D is at the forefront of driving technologies that ensure protection, convenience, and trust in all kinds of financial transactions, such as contactless payments.”
Over 50% of cards currently being issued across the globe already have the contactless function. Furthermore, over the next two years this share will most likely touch 60% of new payment cards.
LAC region is still in the early stages of contactless payments adoption. However, markets like Mexico, Brazil, Costa Rica, Chile and Colombia are faring better. The market now demands upgraded technology.
Recently, Mastercard launched consumer-centric model for digital identity.
The model embraces privacy-by-design. Consumers accessing their digital identity also unlock more enhanced experiences.