Mexico City kickstarts electronic payments initiative with Mastercard
Mexico City is tapping into electronic payments, lining up alongside the likes of London and Singapore who are working on projects with Mastercard.
At a recent ceremony joined by Mastercard CEO Ajay Banga in Mexico’s capital, Mayor Mancera outlined plans to make the city’s public transport system easier to use. Mexico City’s major subway and bus networks carry 5.5 million travelers each day, requiring different ticketing systems. In addition, there are about nine million daily trips on small buses that only take cash. Mastercard will work with local banking partners to launch a debit card that can be used for both transit payments as well as every day purchases, and potentially social disbursements.
It will also help to expand the acceptance of electronic payments for the small and micro businesses segment. With international tourism representing a significant source of income and employment for Mexico City, insights derived from the Mastercard network can help tourism authorities and businesses better understand what kind of experiences visitors are looking for and tailor programmes to their needs.
Antonio Junco, President of Mastercard Mexico and Central America, says: “Mexico City has tremendous experience in managing the daily operations of a mega city – a task that is constantly evolving. We look forward to providing our expertise to help Mexico City continue on its path to become a smart, connected and inclusive city – advancing a better quality of life for all its citizens.”