Mastercard targets Mexico City, where cash Is king

Mexico City is joining major cities across the globe by taking its first step toward cashless public transportation. Or at least Mastercard hopes so.

This November, the card company will introduce a contactless, transit-enabled debit card for Mexico City’s Metro, allowing riders tap-and-go payment tied to their bank accounts. It’s an effort by Mastercard to capture millions of daily cash transactions while helping the government promote broader participation in the financial system.

Source: Bloomberg