Posts Tagged ‘MasterCard’

Latin America’s crypto conquest is driven by consumers needs

51% of consumers in Latin America have already made a transaction with cryptoassets.

Latin Americans desire flexibility and convenience in digital currencies and payments and are seeking more support from their financial institutions.

MIAMI, June 22, 2022 /PRNewswire-HISPANIC PR WIRE/ — The digital payments revolution that began during the pandemic is consolidating and driving Latin American interest in cryptocurrencies. 51% of consumers in the region have already made a transaction with cryptoassets and more than a third say they have made a payment for an everyday purchase with stablecoin, reveals Mastercard’s New Payments Index 2022, a survey conducted between March and April of this year among more than 35,000 people around the world.

The New Payments Index annually evaluates consumer behavior concerning emerging payment methods. In its second edition, the study shows that financial innovation -cryptocurrencies, DeFI solutions, blockchain, NFTs- registers significant activity in the region, with consumers eager to learn more about this ecosystem.

In Latin America, 54% percent of Latino consumers are optimistic about the performance of digital assets as an investment. Meanwhile, two-thirds of Latinos want greater flexibility to use crypto and traditional payment methods interchangeably in their day-to-day operations.

“More and more Latin Americans are showing interest in cryptocurrencies and want solutions that facilitate access to the crypto world. At Mastercard, we are designing these solutions to expand digital inclusion and strengthening alliances that guarantee operability and support”, said Walter Pimenta, executive vice president, Products and Engineering, Mastercard Latin America and the Caribbean.

The survey shows that consumers in Latin America and the Caribbean would feel more confident investing (69%) and making/receiving payments (67%) in cryptocurrencies if they were issued or backed by a trusted organization. Another 82% acknowledge that they would like to have cryptocurrency-related functions available directly from their current financial institution.

Digital payments, convenience and flexibility
Mastercard’s New Payments Index 2022 reveals that 86% of Latino consumers have used at least one emerging payment method in the past year. While 77% of Americans and 74% of Europeans prefer traditional payment methods to newer ones, Latinos are willing to use emerging methods such as biometrics, digital currencies and QR code, in addition to contactless payments.

“The future of payments is already here. Increasingly Latin Americans are turning to technology to conduct their financial transactions and this trend is expected to continue to rise, with an overwhelming 95% planning to use a digital payment method in the coming year and 29% acknowledging having used less cash in the past year”, added Pimenta.

Consumers in the region are familiar with fintechs and open banking, which allows them to conveniently manage their personal finances. Nearly 50% of Latin American consumers already use digital channels for financial activities and 78% of them are interested in flexible payment solutions that allow them, for example, to change the payment date of their bills, especially those with irregular incomes and millennials.

Biometric payments: security and convenience
When deciding which payment method to use, Latinos prioritize security (54%), but also look for the speed that financial technology offers. Biometrics is emerging as an option to find that balance between convenience and security. Three out of four Latinos say that “using biometric technologies for identity and payments is more secure than a PIN, password or another form of identification,” but concerns persist about which entities have access to their data.

People under 40 and millennials are more likely to perceive emerging digital solutions as secure. While they still use them, people who grew up in traditional banking are more wary, which is – for all players in the payments chain – an opportunity to build trust.

To learn more about this year’s New Payments Index, click here to Mastercard’s Newsroom.

About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
www.mastercard.com

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Mastercard And GCS International Strengthen Their Alliance To Build Financial Inclusion In Jamaica

CARIBPR Wire, Kingston, Jamaica, Mon. February 7, 2022: Mastercard and GCS International, a leading regional fintech based in the Dominican Republic, today extended their partnership to develop and deliver digital payments solutions to underserved consumers across the Caribbean. This partnership builds on the collaborative work already underway in the Dominican Republic and expands to include solutions in Jamaica.

The partnership will strengthen the economic growth potential in the Caribbean, providing the underserved population with a simple and secure real-time payment solution. Financial institutions will be provided with a white label mobile wallet solution, including Mastercard prepaid cards for international use, providing end users with innovative and enhanced payment options in line with market trends. The initiative demonstrates how technology can be harnessed to accelerate financial inclusion and give people more control, better banking experiences, and a wider range of payment choices.

During the signing of the agreement, Carlo Enrico, president of Mastercard’s Latin America and Caribbean region, highlighted: “Mastercard is committed to delivering a digital economy that works for all. As the fintech landscape evolves at an unprecedented speed, Mastercard provides the infrastructure and assets to help fintechs grow and attract more people to the digital economy. We look forward to collaborating with the GCS International team through this next stage of growth and provide the solutions that will drive financial inclusion at scale.”

At the same time, Brian Paniagua, CEO of GCS International expressed: “Our company has provided friction-less PFM (personal finance management) tools and solutions to consumers creating value for individuals and their societies in Guatemala and the Dominican Republic, and in the near future, Jamaica. This strategic alliance with Mastercard is a natural evolution in the industry goal towards achieving the financial inclusion of more countries in the Caribbean and capitalizes on GCS’ proven track record ability to apply leading technology to the financial industry in benefit of those who need it most. We look forward to expand this alliance in a near future to other countries in Central America as well.”

GCS International is a leading fintech in the Dominican Republic specialized in cutting-edge technology within the payments industry, focused on the development of mobile solutions key to people’s needs such as transfers between accounts, payment of basic services, loan payments, among others.

Mastercard will continue to advance equitable and sustainable economic growth and financial inclusion around the world through a broad range of efforts. Last year, the company announced the expansion of its worldwide commitment to financial inclusion by pledging to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025.

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About Mastercard (NYSE:MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com.

About GCS International

GCS International is a FinTech committed to promoting digital transformation in Latin America and the adoption of new alternative channels, promoting greater access to financial services through innovative digital technologies. They believe in generating a positive social impact that meets high social, environmental and community standards by providing new platforms for inclusion and prosperity.

www.gcs-international.com

EDITOR’S NOTE: ACCESS PHOTO FOR USE WITH THIS ARTICLE HERE

CAPTION: L – r: Brian Paniagua, CEO of GCS International; Carlo Enrico, president of Mastercard for Latin America and the Caribbean; Marcelo Tangioni, Caribbean Division President, Mastercard.

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Mastercard Brings Contactless Payment Experience to Butterfield Bermuda Championship

  • Mastercard is bringing contactless acceptance to the Butterfield Bermuda Championship, enabling fans to make fast, simple, and secure payments

CaribPR Wire, HAMILTON, Bermuda, Thurs. Oct. 28, 2021: Moving toward a world beyond cash, Mastercard is partnering with Butterfield to bring its cardholders a fully contactless payment experience at the Butterfield Bermuda Championship, an official PGA TOUR event that will be held at the Port Royal Golf Course in Southampton, October 25 to 31.

In addition to contactless acceptance at the Butterfield Bermuda Championship, Butterfield Mastercard cardholders will enjoy exclusive opportunities, which will make their experience and attendance to the event a priceless one. With this partnership, Mastercard demonstrates its continued commitment to provide consumers with Priceless experiences that bring fans closer to the action and to see the world’s best golfers compete.  “Alongside our partners at Butterfield, we’re committed to celebrating and supporting the shared passions of our communities and are thrilled to provide the resources needed to help Bermuda continue to thrive in an increasingly contactless world,” said Marcelo Tangioni, president of Mastercard’s Caribbean Division.

Technology has taken a front seat in our world due to the unexpected arrival of COVID-19. In this new world, Bermuda is leading the way as one of the world’s first countries that has eliminated the use of paper notes, choosing to go totally contactless. In 2018, Bermuda began the process of adding the “tap-and-go” technology, to enhance card security and give customers a quicker checkout process.  Card usage is high in general in the Caribbean region, especially in Barbados and Puerto Rico; while mobile payments were already gaining traction in 2020 and now have increased widely in markets such as the Bahamas, according to data provided by Finextra.

As a result of the challenges presented by COVID-19, consumers are adopting new payment habits at an accelerated pace, according to the Mastercard New Payment Index conducted in 18 countries, including several markets in Latin America and the Caribbean region. The study shows nearly 90% of in-person transactions globally take place at a contactless-enabled merchant, and nearly all merchant categories saw an increase in contactless transactions as a share of total in-person transactions year-over-year in the first quarter of 2021.

Using contactless payment methods while at sports events, such as golf, is especially convenient, as it reduces the inconvenience of carrying cash, including having to purchase local currency (if applicable), carrying large amounts of cash, or running out of cash in a restaurant, golf facility or other.  Places such as Bermuda that have adopted this method early – the first country to formally adopt a non-paper money economy will be Sweden in 2023—are positioned to attract technology-oriented, savvy, and affluent tourists to enjoy their sports events.

For more information about the Butterfield Bermuda Championship, please visit www.bermudachampionship.com. For more information about Mastercard and its technology-driven solutions for customers who are seeking priceless experience, please visit www.mastercard.com.

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About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

About Butterfield Bermuda Championship

The Butterfield Bermuda Championship is an annual stop on the PGA TOUR. To date, the tournament has raised over $400,000 for local charities. This is the first PGA TOUR event ever held in Bermuda, highlighted by a field that includes a minimum of four Bermudians who qualify to compete via a Local Qualifying event. Scheduled for October 28 to 31 at Port Royal Golf Course in Southampton, the 2021 Butterfield Bermuda Championship will feature a field of 132 players, 72 holes of stroke play and a purse of US $6.5 million. This official FedEx Cup event will showcase Bermuda to the world with 14 hours of live Golf Channel broadcast. For more information, visit bermudachampionship.com and connect with the tournament on Facebook, Twitter and Instagram.

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Mastercard And LATAM Airlines Group Sign Partnership Agreement To Enhance The Travel Experience

MIAMI and SANTIAGO, Chile, June 23, 2021 /PRNewswire-HISPANIC PR WIRE/ – Mastercard and LATAM Airlines Group announced today they have signed a seven-year agreement that seeks to enhance the travel experience for passengers around the world. As part of the agreement, the companies will introduce new credit card solutions and benefits that meet the evolving needs of frequent travelers—digitizing the travel experience with personalized, contactless, and secure technologies—and consists of two implementation phases.  The first, which begins today, expands the benefits of LATAM Pass credit cards in Chile, Argentina, Brazil and Ecuador. The second phase will begin later this year and will include other relevant markets within Latin America.

Mastercard & LATAM Airlines Group

For several years, Mastercard and LATAM Pass, the most relevant frequent flyer program in Latin America, have collaborated with issuing banks to introduce co-branded credit cards and benefits to their loyal customers when flying to more than 115 destinations within the LATAM network.

“Many industries, including travel, are accelerating their digital transformation to deliver innovations across consumer touch points,” said Kiki del Valle, executive vice president of Market Development for Latin America and the Caribbean for Mastercard. “With our data analytics and ability to continuously adjust to consumer trends and market forces, we are excited to innovate in the travel space together with the LATAM Airlines Group team, which is equally passionate about evolving the travel experience for the digitally connected traveler.”

LATAM Pass VP Ralph Piket noted that, “we are sure that the partnership agreement with Mastercard will allow us to not only further accelerate our innovation, but also to improve the travel experience of our customers. As we know, the future of the airline industry is essentially being digital and seamless, and LATAM is working in that regard. In this context, the partnership with Mastercard is a very relevant step on that path and adds to the launch of our e-business unit last year.”

Both parties will begin work on the launch of new benefits and new Mastercard LATAM Pass programs, offering more mileage accrual and redemption alternatives in both travel and partner merchants, which will be communicated as soon as they are available.

About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
www.mastercard.com

About LATAM
LATAM is the principal group of airlines in Latin America present in five domestic markets in the region: Brazil, Chile, Colombia, Ecuador and Peru, in addition to international operations inside Latin America and between it and Europe, the United States, and the Caribbean.
The group has a fleet of Boeing 767, 777, 787, Airbus A321, A320, A320neo and A319 aircraft.
LATAM Cargo Chile, LATAM Cargo Colombia, and LATAM Cargo Brazil are the LATAM Airlines freight subsidiaries. In addition to having access to the passenger cargo holds of LATAM Airlines Group, they have a fleet of 11 freighters, which will gradually increase to a total of up to 21 freighters by 2023.
They operate on the LATAM Group network as well as International routes that are solely used for shipping. They offer modern Infrastructure, a wide variety of services and protection options to meet all customer needs.
For press inquiries write to comunicaciones.externas@ latam.com . More financial information is available at www.latamairlinesgroup.net
www.latam.com

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Scotiabank joins Mastercard in the launch of the Priceless Planet Coalition in the Caribbean

Priceless Planet Coalition global pledge is to plant 100 million trees in five years

CaribPR Wire, Thurs. March 18th, 2021 Scotiabank joins Mastercard on the expansion of the Priceless Planet Coalition to generate climate change awareness and impact across four Caribbean countries: Jamaica, Barbados, The Bahamas and the Dominican Republic. As part of the launch of this initiative, Scotiabank cardholders can contribute to different forestation initiatives through online purchases made with their ScotiaCard.

This global coalition unites the efforts of merchants, banks, cities and consumers to make meaningful investments to preserve the environment through the restoration of 100 million trees over five years, together with forestry experts from Conservation International and World Resources Institute. Other participating members are Transport for London and American Airlines, among others around the world, all of which are investing in innovative ways to inspire collective actions to address climate change. In the Caribbean, a place where climate change further impacts the effects of devastating hurricanes, Scotiabank has pioneered several initiatives to reduce Carbon emissions.

The current pandemic has underscored how interconnected our world has become, and that the health and well-being of our planet is deeply linked to that of our people. Together, Mastercard and Scotiabank are taking action now to combat global warming. Until April 22, current and new Bank cardholders in Jamaica can contribute to planting a tree for every five online purchases of J$4350 or more. The goal is to plant a total of 75,000 trees, based on purchases made in Jamaica, Barbados, The Bahamas and the Dominican Republic.

“Scotiabank is guided by our purpose: “for every future”. We recognize that climate change is one of the most pressing issues of our time, and through our Climate Commitments, we are dedicated to supporting actions that address this challenge through our banking operations,” said Anya Schnoor, Executive Vice President of Scotiabank in the Caribbean, Central America and Uruguay. “As a leading Bank in the Americas, collaboration with other organizations is crucial for effective climate action. The Priceless Planet Coalition provides an opportunity for us to work alongside Mastercard to help make an impact and enables our customers in the Caribbean to be part of a very practical and tangible climate solution,” she added.

Climate change affects us all. In the Caribbean, the negative impact of extreme weather conditions on sectors such as agriculture and tourism can be significant. Reforestation has a direct and measurable impact on the environment.

“Mastercard is committed to protect the environment in every continent where it operates, and here in the Caribbean, where the weather is sometimes extremely punishing, suffering from very destructive hurricanes; we truly believe in our efforts on restoring the rainforests and the landscapes is a key element in the fight against climate change” said Marcelo Tangioni, President of The Caribbean Division at Mastercard. Mr. Tangioni also added that “We are very glad to welcome Scotiabank joining the Priceless Planet Coalition, for this constant work against the clock and mostly, to rebuild ecosystems with the help of all the partners of the Coalition.”

The Priceless Planet Coalition aims to reinforce a restoration model that is not only focused on planting trees, but on re-growing forests for a positive climate, community, and biodiversity impact. To learn more about Priceless Planet Coalition, please visit www.PricelessPlanet.org and follow us on social media #pricelessplanet.

To know more about Mastercard Corporate Social Responsibility’s Report and all its social and environmental efforts around the World click here

About Mastercard, www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.1 trillion (as at October 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

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Mastercard Partners with Facebook to Enable Brazilians to Send and Receive Money Using WhatsApp

WhatsApp users in Brazil can now transfer money and pay businesses directly from the app, quickly, conveniently and securely
MIAMI, June 15, 2020 /PRNewswire-HISPANIC PR WIRE/ — Today, Mastercard announced the extension of its partnership with Facebook to offer a new and innovative way for Brazilians to send and receive money from friends and family on the WhatsApp application. Mastercard cardholders banking with Nubank and Sicredi are among the first in Brazil to experience payments on WhatsApp. Additional banking partners are expected to join the program soon.

Leveraging Mastercard Send™, millions of WhatsApp users can now use their phones to simply and easily transfer money instantly (24 hours a day, 7 days per week)1 . As social distancing measures propel consumers to seek alternative, touch-free payment methods, consumers can use WhatsApp to transfer money and make and receive payments seamlessly, securely and in a contact-free way. Paying friends and family just got easier Person-to-person payments (P2P) are experiencing significant growth across the world, driven by technologies and mobile platforms that consumers enjoy using at little-to-no cost to them. Globally, domestic P2P transfers are expected to reach more than $2.07 trillion in volume by 20222. Until now, the P2P user-experience in Brazil was cumbersome and time consuming. Consumers had to identify money transfer services and provide bank account information for recipients, who could wait days to receive funds. With the enablement of P2P payments on WhatsApp, Brazilians will be able to send and receive money conveniently and securely by registering their debit card through the most popular instant messaging app in the country, eliminating the risks and inefficiencies associated with other payment methods including cash. The new solution responds to the needs of Brazilians who are increasingly looking for quick and safe ways to send and receive money, whether it is to reimburse a friend for a meal, to pay a roommate for rent, or simply lend money to a family member. The inclusion of small businesses in electronic payments In addition to making transfers, WhatsApp users can also pay small businesses through the WhatsApp Business Application. This allows for instant digital payments of goods and services to millions of small businesses in Brazil. Mastercard cardholders can register their credit or debit card to make their purchases securely. According to a recent study3, 60% of Brazilian consumers already use WhatsApp to interact with small businesses, be it to order products, negotiate prices or schedule appointments. Enabling payments through WhatsApp will now allow consumers to complete the shopping journey with their favorite businesses without leaving the application. “Adding a payment functionality to WhatsApp is a logical evolution to answer the needs of both consumers and small businesses in Brazil. The possibility to make purchases from small merchants through WhatsApp will support millions of local businesses which have been heavily impacted by the recent crisis as well as meet the demands for Brazilian of users who are looking to send payments to their friends and family each day,” said Kiki Del Valle, Senior Vice President, Digital Partnerships, Mastercard Latin America and Caribbean. “We are very excited to bring payments on WhatsApp to our users across Brazil. Making it easier to send and receive money could not be more important than at a time like this,” said Matt Idema, WhatsApp’s Chief Operating Officer. “Small businesses are the backbone of the country. The ability to easily make sales right within WhatsApp will help business owners adapt to the digital economy and to support growth and financial recovery.” Security in every WhatsApp payment transactions Linking their preferred credit or debit card within the app is highly secure thanks to the use of Mastercard’s state-of-the-art tokenization solution. The tokenization technology protects cardholder information by replacing the original 16-digit card number with a unique alternative number, or “token,” which is associated with each WhatsApp user’s individual account and not functional elsewhere. Once the token has been created, consumers will need to input their security PIN each time they want to perform a transaction. Click on the link to learn how to use this new service: www.whatsapp.com/payments/br About Mastercard (NYSE: MA), www.mastercard.com Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. 1 Actual posting times for approved transactions will depend on the receiving financial institution 2 Juniper Research, 2018, Digital Money Transfer & Remittances 3WhatsApp Economic Impact Report-final.pdf 4 Mastercard, 2019, P2P Payments Research

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Mastercard Study Shows Consumers in LAC Make the Move to Contactless Payments

Consumers cite simplicity, cleanliness and speed through checkout experience as contactless payments booster

– Mastercard champions effort to raise limits for contactless payment transactions across Latin America & Caribbean

MIAMI, April 30, 2020 /PRNewswire-HISPANIC PR WIRE/ – During first quarter of 2020, as many countries imposed necessary restrictions on social distancing, a growing number of consumers in Latin America & Caribbean (LAC) turned to contactless payments for necessary purchases, a new Mastercard study shows. According to the survey, 35% of people in the region have increased their usage of contactless payments, citing simplicity, safety and cleanliness.

Consumer polling by Mastercard paints a picture of accelerated and sustained contactless adoption. This shift in consumer behavior is particularly clear at checkout as people express a desire for contactless cards and concerns over cleanliness and safety at the point of sale, according to the study. In fact, findings of the study show that the impact of social distancing and other safety guidelines on consumer payment behavior is extensive:

  • 56% of Latin Americans said they are more aware of dirtiness of cash.
  • 84% of Latin Americans believe contactless is a cleaner way to pay.

1.        Mastercard’s own initiatives, along with the intelligence of its technology, data analytics and investments in security, will continue to propel a world beyond cash. Already, more than half of consumers around the world (63%) are using cash less often, or not at all, since the pandemic began. The same is true in LAC, where on average 66% of consumers are using cash less often, or not at all:

  • 77% of Brazilians indicated that they are using cash less, or not at all, since the pandemic.
  • 61% of Colombians indicated that they are using cash less, or not at all, since the pandemic.
  • 68% of Costa Ricans indicated that they are using cash less, or not at all, since the pandemic.
  • 58% Dominican Republicans indicated that they are using cash less, or not at all, since the pandemic.

2.       Consumers are quickly appreciating the benefits of contactless payments with 79% across LAC finding them more secure when compared to keeping or paying with cash. Additionally, regional consumer polling by Mastercard indicated sustained contactless usage with consumers preferring the quick and efficient checkout experience.

  • 78% of Latin Americans indicated they will continue using contactless payments even after the pandemic is over.
  • The belief was even stronger among those under the age of 35, where 82% of this population indicated continued use post-COVID.

“As we all experience the first global pandemic in an age defined by the digitalization of our lives, contactless card payments have taken on a new urgency. It has been both encouraging and gratifying to see our partners throughout the LAC region adopt the changes and acceleration of contactless. The technology is available, and it’s clear that the change we are witnessing in consumer behavior is here to stay,” said Walter Pimenta, Senior Vice President, Products & Innovation, Mastercard Latin America and Caribbean.

Accelerating faster, cleaner, safer payments
Throughout the world, Mastercard has been spearheading the transition to contactless for more than 15 years, championing it as the simple, safe and fast way to pay. As a region with countries where contactless technologies are a newer experience, LAC has seen a rapid increase in infrastructure, with 75% of point of sale terminals ready to accept contactless transactions, and 60% of financial institutions issuing contactless-enabled cards.

In March, Mastercard led a move to increase the contactless payment limits across the LAC region as people looked for safer ways to pay in the wake of the COVID-19 pandemic. Today, four countries have already raised their contactless payment limits including, Colombia, Argentina, Dominican Republic and Costa Rica, with many others expected to follow soon. The initiative is in line with similar actions taking place around the world as health officials recommend social distancing and a growing number of merchants are encouraging consumers to pay with contactless instead of cash to avoid contact.

“As the spread of COVID-19 highlights the steadfast mindset for ‘contact-free’ environments and experiences in many aspects of our lives, the increased interest in contactless payments is far reaching. We believe in providing consumers with the freedom of choice in how they pay and peace of mind when they pay. With increased convenience and security, we look forward to expanding the contactless footprint more than ever before,” added Pimenta.

Contactless Payments Growth
As consumers increasingly seek out ways to quickly get in and out of stores without touching terminals, Mastercard data reveals over 40% growth in contactless transactions globally in the first quarter of 20201. Further, 80% of contactless transactions are under $25, a range that is typically dominated by cash. LAC, a less mature region when it comes to contactless penetration, saw exponential growth, with contactless transactions up 500% overall since March of last year.

While countries worldwide are at different stages of contactless card deployment and usage for daily shopping habits, Mastercard’s insights on grocery and pharmacy trends – two areas where many day-to-day essentials are being purchased – showed that nearly all regions experienced significant spikes in February and March. Further, reinforcing changing behaviors and consumer checkout preferences, Mastercard saw the number of contactless card payments at grocery stores and pharmacies grow twice as fast as non-contactless transactions globally2.

Notes to Editors:

1 Growth calculated as the percentage increase in contactless transactions compared to the percentage increase in non-contactless transactions, comparing March 2020 to March 2019, at Grocery and Pharmacy categories

2Growth calculated as the percentage increase in contactless transactions compared to the percentage increase in non-contactless transactions, comparing March 2020 to February 2020, at Grocery and Pharmacy categories

Survey Methodology

  • Online interviews of 17,000 consumers in 19 countries worldwide
  • 1,000 banked respondents per country in the US and Canada (North America); Australia, Singapore (Asia Pacific); UAE, Kingdom of Saudi Arabia, South Africa (Middle East and Africa); UK, Italy, France, German, Spain, Poland, Russia, the Netherlands (Europe).
  • 500 banked respondents per country in Brazil, Costa Rica, Dominican Republic, and Colombia (Latin America and the Caribbean)
  • Research conducted April 10-12, 2020
  • Nationally representative sample
  • Readable sample sizes of:
    • Gen Z/Millennials
    • Affluent [defined at a country level]
    • Contactless users
    • Primary shoppers
    • Those with high levels of concern about Covid-19

About Mastercard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

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MasterCard offers attractive discount at Puerto Rican international food festival, Saborea

mastercard

As part of MasterCard’s sponsorship of the festival, cardholders will receive a $15.00 discount on event tickets when using their MasterCard.

San Juan, Puerto Rico – For the sixth consecutive year, MasterCard and the Priceless Puerto Rico program have joined the biggest culinary festival of the Caribbean, Saborea Puerto Rico: A Culinary Extravaganza, as the exclusive card of the event. As part of this union, MasterCard’s debit and credit cardholders will receive a discount of $15.00 on the purchase of admission tickets. Moreover, MasterCard Black cardholders will have privileged access to the MasterCard VIP pavilion, where food and drink will be served in an exclusive environment within the event.

According to Manuel Catedral, general manager for MasterCard in Puerto Rico, “to be part of this important festival is of great importance, because it stimulates tourism, gastronomy, and the local economy. Without a doubt, it positions our Island of Enchantment as the culinary destination in the Caribbean, in line with the focus of our Priceless Puerto Rico program.

The culinary festival will be held from April 5 through 7 of 2013 at Escambrón Beach, reaffirming itself as one of the main attractions for domestic and international tourism. The event will include multiple live demonstrations of chefs, tastings of local restaurants, pavilions of drinks and desserts, music, and entertainment.

“At MasterCard, we know that our users, both local and international, are passionate about gastronomy, which is one of the pillars of our Priceless Puerto Rico program. For this reason, we know that supporting events such as Saborea and providing this attractive discount offers a large added value to our cardholders, since it makes the event more accessible to them. We are quite proud to provide these benefits as part of our Priceless Puerto Rico program,” emphasized Lorena Holguín, vice president of marketing for MasterCard in the Caribbean.

Priceless Puerto Rico is a MasterCard program that provides its cardholders with discounts, offers, and exclusive experiences. The program has been implemented since July, 2011, with Puerto Rico being the first Caribbean country to join the program. Its purpose is to enrich the experience of the MasterCard cardholders, both local and international, through discounts, offers and priceless experiences. The program has experiences and benefits in six categories, based on the following consumer passion points: gastronomy, sports, music and entertainment, purchases, trips, and art and culture.

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