It is estimated that in a year, about 55 percent of the payments made without cash will be made with digital cards, that is, with ‘wallets’ or applications with the bank information of the preloaded user.
According to Mastercard data, currently, 75 percent of payments that are not made with cash are made by credit or debit card physically and 25 percent in a virtual way.
We still see the card’s long life, we believe it is still very convenient and much safer. However, the digital transformation and how we interact with service providers or businesses has radically changed. The growth curve of card payments not present is very accelerated.
Eder Almeraz, director of Product Development and Innovations for Mexico and Central America
32% of Mexican cardholders do not specify the purchase due to distrust or because they suspect fraud.
This trend is fueled by the wide adoption of smartphones, the Internet of things, Fintech companies, e-commerce and transport and food services on demand, he said.
Globally, they are lost by businesses due to fraud cases, this is 8% of sales.
Therefore, Almeraz acknowledged, the biggest challenge for banking institutions is focused on cybersecurity and reducing friction between businesses and digital means of payment. “This is where we are focused on preventing or increasing fraud prevention methods,” he said.