By Peter Kent
A Mexican payments solutions company has spotted the potential for growth in card-based payments.
Dow Jones reported the observation made by Controladora Prosa SA, an electronic payment processing organisation.
Chief executive Jose Molina said that most debit, credit and prepaid cards issued in Mexico are used only within the country.
"It's very logical to use a local brand to avoid the costs of brands like Visa or MasterCard," he said.
Prosa now intends to make a promotion for prepaid cards in its Carnet brand.
Lenders involved in the drive want to issue four million Carnet cards by the end of next year and Mr Molina hopes for 20 million to be distributed in five years' time.
Recently, Abdul Mushir Che Chik, chief executive officer of payment solutions firm T-Melmax Sdn Bhd, called on Malaysian companies to stop using cheques and opt for electronic payments.
He pointed out the potential for human error in writing and processing cheques.
