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Making plastic acceptable.

Mexico's banks plan to invest US$150 million to enable 300,000 small stores to accept debit card or credit card payments, the Associated Press reported.

The banks hope to triple the number of electronic payment terminals over the next five years to 475,000 from 175,000. The plan includes equipping 7,000 gas stations and 17,000 pharmacies, with no cost to the storeowners.

The goal is to win greater acceptance for electronic payment systems by making them more widely available in hopes that it will foment the country's banking culture.

With only 2 percent of purchases in the country made with debit cards--one of the lowest levels of penetration in the world--the Association of Mexican Banks announced that the plan is to install electronic payment systems in stores with five employees or less over the next five years.

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Title Annotation:electronic payment systems
Publication:Business Mexico
Article Type:Brief Article
Geographic Code:1MEX
Date:Aug 1, 2005
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