Making a payment has gone from being a simple process to a whole experience for consumers. What involved inserting a card into a point-of-sale terminal has now evolved and it is enough to bring your face closer to an electronic tablet for the purchase to be processed, something that is even being put to the test at the World Cup in Qatar.
In Mexico, payment methods are progressing well. According to the most recent figures from the National Banking and Securities Commission (CNBV), in 2021 the number of transfers per ten thousand adults was 50,287.
The amount of transfers and cash in circulation, both as a percentage of GDP, was 165 percent and 9 percent, respectively, a fact that is progress considering that one of the main challenges financial intermediaries have is to combat the use of cash and encourage digital transactions.
According to the CNBV, the largest amount of transfers was made through Internet banking with mostly interbank operations. Point of sale terminals (POS), the means of payment par excellence, registered 1,132 million operations, ATMs 499 million, transfers 480 million, electronic commerce 228 million and checks only 34 million operations.
It is young people who carry out the largest number of digital transactions and, according to the agency, the percentage of the population that makes digital payments most frequently for purchases over 500 pesos, by age group ordered in descending order, was 36. percent for people aged 30 to 39.
the new options
Paying no longer necessarily means inserting the card into a POS, since there are various technologies that make it possible to turn this process into an experience.
The one that has the greatest strength in Mexico at the moment is contactless payments, that is, it is enough to bring the card to a terminal or an aggregator (such as Clip or Mercado Pago devices) that has the technology contactlessand the payment is made in a matter of seconds without the need to introduce electronic signatures.
And although it is a technology that still has a long way to go, in places like Europe it is a reality, since all payments are made in this way. From coffee machines to motorway booths in Spain or France, they accept card payments in this way.
And technology is advancing by leaps and bounds around the globe. In countries like China or Russia, it is already possible to make payments with facial biometrics, which Visa launched at the Soccer World Cup and will be put to the test in massive events.
This technology allows people to associate their account with their biometric data and they only need to bring their face close to a screen for the payment to be validated. There are many more technologies. Recently, Santander announced that from next year it will launch an application with Getnet in Mexico so that small businesses can receive payments with their cell phones, that is, consumers will only have to bring their card to a mobile device and payment will be made.
The advances in technology have been impressive and where you can see that future is with the means of payment. About 10 years ago it seemed far away to carry out operations from a cell phone and today it is a reality. We have artificial intelligence in sight and without a doubt things are coming that will surprise us in the coming yearssaid Jorge Tello, director of applied research at the Fundación de Estudios Financieros.
He pointed out that all this “is positive because it is part of human progress to facilitate financial inclusion. However, not everything is so simple, unfortunately in Mexico more than 90 percent of the operations are done in cash… despite having these advances in the means of payment, it can be thought that its application will be very slow as long as there is no change culture with the means of payment”.
An example of the above is CoDi, a means of payment launched at the end of 2019, but which still does not have the necessary presence in the country.
According to the CNBV, from October 2019 to December 2021, transfers sent by CoDi – which consists of paying from your cell phone with a QR code – went from 38,000 to 220,000.