Keycorp in Latin America MasterCard Paypass partnership

Stan Beer
Monday, 06 November 2006 13:12

IT Industry - Listed Tech

Keycorp Limited (ASX:KYC) has partnered with Colorado-based CPI Card Group to manufacture MasterCard’s PayPass contactless cards for Banamex Financial Group. The issued cards will be introduced into McDonald’s fast food outlets throughout Monterrey, Mexico.

MasterCard PayPass provides consumers with an alternative to cash for everyday small purchases. Consumers tap their PayPass-enabled card or device on a specially equipped merchant terminal. Signatures are not required for PayPass purchases.

The contactless card, manufactured by CPI, will use the dual interface chip with the MULTOS operating system developed by Keycorp and will be the first PayPass EMV card issued in Latin America.

“Everyday we use cash for low amount transactions; with this technology we expect to penetrate more on this segment, complementing the actual benefits of our cards and maintaining high security levels,” said Antonio Perdomo, Credit Cards Director at Banamex.

Benoit Guez, Vice President of Smart Cards and International Sales at CPI Card Group said, “CPI is happy to use our extensive experience in the contactless card industry in partnership with such an issuer as Banamex. We are honoured to have been selected by Banamex for its pilot program using the Keycorp technology.”