Banamex Bank Mexico is beginning to roll out a contactless payment project, which will include over 10,000 contactless POS terminals and about a million credit and debit cards that will be deployed by the end of 2012 in Mexico City.
Mexico’s second largest bank is rolling out POS terminals to 2,000 merchants and providing over 100,000 contactless cards, according to the supplier VeriFone.
The cards will allow users to pay for their purchases up to $19 (around 250 pesos) and will not require PIN code or digital signature.
The terminals and card will support MasterCard PayPass, but no word if they will support Visa PayWave.
Banamex expects to replace the existing terminals in over 60% of its customer base with the 12,000 terminals by the end of the year.
The bank has already explored the contactless market about 6 years ago, when it installed VeriFone POS terminals to accept contactless cards at MacDonald’s restaurants in Monterrey.