Banamex and MasterCard Present New Digital Wallet in Mexico

Banamex and MasterCard unveiled the new Banamex Wallet, a new mobile application for Android smart phones, allowing consumers to pay using their mobile phone at contactless-enabled terminals.

Banamex, a pioneer in the implementation of Contactless technology since 2012, furthers innovation in payments with the launch of the wallet – which takes payments to the next level in Mexico. Payments using the wallet can be done without the use of cellular data given that a direct connection is established between the mobile phone and the terminal. Banamex has over 70.000 contactless terminals throughout the country.

The main benefits of Banamex Wallet are:

  • Ability to have all your Banamex cards in one seamless, easy to use application
  • No need to carry your cards with you all the time
  • High level of built-in security when making transactions, and the use of a customer designated PIN
  • Purchases can be made without being connected to internet
  • View purchase history from your mobile phone

Mexico becomes the first market in which Citi and MasterCard, within the global digital payments initiative agreement, deploy a digital wallet leveraging HCE (Host Card Emulation) technology. Banamex is also the first Latin American bank to implement this type of Wallet, an effort which will be replicated in other markets.

The wallet features key MasterCard technologies including MasterCard Cloud-based Payments (MCBP), which digitizes card credentials securely and MasterCard Digital Enablement Service (MDES). MDES adds an additional level of security through the use of tokenization. Tokenization is a process in which private consumer data is replaced by a unique identifier (a token) and which ultimately further protects payment data – making the solution safe, simple and smart.

“Through launches like this, we hope to demonstrate how Banamex is at the forefront of innovation and is positioning itself to be the digital bank of Mexico,” stated Edgardo del Rincón Gutiérrez, consumer banking director for Banamex. “Banamex plays a crucial role in Citi’s strategy, and we are optimistic about the growth and development in this market.”

Antonio Junco, President of MasterCard Mexico and Central America, adds “this is an important milestone for the payments industry in Mexico. Thanks to the valuable partnership between Citi and MasterCard, we are unveiling an innovative solution that enhances how we make payments in our day-to-day lives.”

HCE technology is available on mobile phones with NFC and Android 4.4 or above.