Mastercard, G+D Mobile Security to issue contactless cards in LAC
Leading technology company in the global payments industry, Mastercard, recently closed a partnership with Giesecke+Devrient (G+D) Mobile Security, a global leader in smart card manufacturing, personalisation, and payment solutions, to advance easier, faster and safer payments in the region.
With this agreement, G+D will offer preferential pricing to Mastercard issuers focused on advancing their conversion to contactless cards, the company said in a release on Monday.
Contactless is rapidly emerging as the preferred method of payment worldwide, and Latin America and the Caribbean is well-positioned to be the next region to embrace this technology. More than 50% of cards currently being issued around the world already have the contactless function, and this share is expected to reach 60% of new payment cards within two years.
While still in the early stages of adoption, markets such as Mexico, Brazil, Costa Rica, Chile, and Colombia are leading the way with the market conditions required to scale up the technology.
Contactless payments are a convenient, fast and secure way to pay. With just a tap, and without compromising security, purchases can be made nearly 10 times faster, as compared with using cash or inserting a card in a payment terminal. In a recent survey conducted by Juniper Research, 50% of contactless users identified convenience as their primary reason for contactless usage, while 44% mentioned speed of service as the principal driver.
“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, and 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”, said Rodolfo Duran, Vice-President, Business Development, Latin America & Caribbean.
“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 and 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”, says Luis Cirerol, Financial Services & Solutions Director at Giesecke+Devrient for LATAM.