Blog and Ideas
December 6, 2011
By Mijo! Brands

Good bye debit card payments, hello mobile payments

Nowadays, our cell phones have become an important part of our lives, and now it continues to evolve so that you will no longer need to use your debit card or even your wallet.

Good bye debit card payments, hello mobile payments

The device that came to change our lives continues to evolve even as we speak, its use has now been extended quite beyond making phone calls, taking pictures, recording videos, surfing the web and interacting through social networks are some of the features in cell phones nowadays.

We could go on and on talking about all the different options that these devices have to offer, but it seems like there are no real limits, one of the most recent features makes it possible to replace or at least come close to cover the functions of a debit card, being able to make payments through your cell phone, this service is available for the majority of the population.

Even though, it does not entitle the exact same services, cell phones are only one step behind a debit card, allowing the possibility to pay for everyday expenses, such as groceries; electricity, public transportation, vending machines and a number of additional applications.

As of May26th, 2011, Google launched a system along with Mastercard and Citigroup (mainly taking place in New York and San Francisco) to process charges through cellular phones with the operative “Android” system allowing the possibility for payments instead of the traditional cards,

In Mexico, this service has yet to be considered; however, in the United States it is already working exclusively with cell phone Nexus S 4g (by Google). Although, some services are already being set up, such as “Pago-Móvil” with charge fees not higher than US$25 and supported by technology “Near Field Comunication” (NFC) enabling communication among electronic devices. Our country is expecting this launch towards the end of the year, involving the most important companies in Mexico, such as: Iusacell, Telcel, Movistar and Unefon

The NFC system mood involves the information storage in the cell phone, sending it through a terminal to process the charge.

On the other hand, another service was recently announced promoted by Banamex, Inbursa and America Movil (telcel) with the support of the National Banking and Securities Commission, under the label “Transfer”, which will work all over the country for the time being, although they are expecting to extend this service to the entire Latin America region. The platform used for this mobile payment system (Transfer) has open access, therefore, all banks and operators will have the capacity to apply it to their own services. They are expecting to have it fully set up by March 2012.

The wire money service will be limited to 1000 pesos per transaction, pay in stores and establishments, online purchases, and of course, the payment for different services.

The benefits

According to the Trust Fund established for the Extension of the Society, the Benefits resulting from the Access to the Infrastructure for Electronic Payments (FIMPE). These are the most important aspects on the payments done through cell phone.

-High security level: all charges done through a cell phone will have a personal code, it is not possible to use without the owner’s authorization.

-Greater comfort: There is no need for cash in order to make your payments; your cell phone becomes your wallet.  

-Extensive scope: there are 44 millions cell phones in Mexico, which means a great portion of the population has access to a cell phone (7 out of every 10 Mexicans).



This service will be available for both, smartphones as well as conventional cell phones, so all kinds of devices will have access to this feature.

Along with the benefits of this service, this will also bring the opportunity for a larger part of the population to gain access to banking services, since only 30% of the population has a bank account. This new payment process will make it easier to set up this kind of “accounts registration”. For those users who want to try this form of payment, it will not be necessary to be affiliated to any bank, all it takes is to get credit in a prepaid form, which in this case, it means “available credit for payments”, and you will be ready to use your cell phone instead of your debit card and take care of your purchases.


Twitter: @IvanMijoBrands


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