Mastercard announced it has closed a partnership with Giesecke+Devrient (G+D) Mobile Security, a smart card manufacturing, personalization and payment solutions provider, 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 companies said.
“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,” the companies noted.
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 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.