Global Payout, a payments solutions
provider from San Diego, and consumer lending company Mi Adelante
are to offer prepaid debit cards in Mexico.
Global Payout and Mi Adelante will issue prepaid MasterCards in
the local currency Pesos through relationships with Mexican
banks.
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Prepaid cards have already started
to take off in Mexico and a report by Speer & Associates,
titled Prepaid cards in Latin America, a rising tide,
predicted that Mexico would account for 25% of the estimated $160bn
Latin American prepaid card market by 2015.
The relationship between the two
entities also includes a cross-border money transfer service via
US-issued debit cards to Mexico and Global Payout’s eWallet
payments platform.
As in other Latin American states, prepaid cards can serve to
integrate the high number of the unbanked population, making for a
lucrative business case for payments solution providers and
others.
Other prepaid card initiatives in
Mexico include the partnership between the Mexican government and
Banorte, which issue prepaid Visa cards to distribute benefits and
fund the ‘Prepa Sí’ and ‘Niños Talento’ scholarship and education
programmes.
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By GlobalDataAnother initiative is that between
local lender Banamex and Mexican retailer Soriana, which launched
the ‘Mi Ahorro’ (My Savings) Banamex prepaid card back in 2007.
Mi Ahorro can either be used as a
reloadable prepaid card or it can be linked to a savings account
paying four% interest.
Last year, Banamex launched
‘Perfiles Ya’ (Profiles, For Sure), a MasterCard-branded reloadable
prepaid card. The card bears the same Perfiles branding as
Banamex’s Cuenta Perfiles (profiles account) bank account and
associated debit card.
