Santander Introduces Google Wallet: Secure and Convenient Mobile Payments for Account Holders
Santander, a leading Spanish bank, has announced its collaboration with Google Wallet, allowing its account holders to make secure and convenient mobile payments without the need for physical cards. This move aligns Santander with other banks like Banregio, Inbursa, Nu, and Banorte that already offer this payment method.
With Google Wallet, Santander users can now enjoy enhanced security for their cards, as the risk of them being cloned when in contact with other devices is eliminated. Payments can be made simply by placing the mobile phone in front of a payment terminal, and the transaction is processed automatically.
To ensure the security of this new feature, Armando Betancourt, Head of Gpay Latin America Associations, emphasized the use of the digital token function. This function assigns a unique number associated with a security code that changes with each transaction, providing an extra layer of protection. Users can also remotely block the digital token and even erase all stored information in case of loss or theft.
Getting started with Google Wallet is easy for Santander cardholders—simply download the app, add your accounts, and you’re ready to start making payments. This secure and private digital wallet, also known as Google Pay, offers users quick access to various payment methods.
But the benefits of this app don’t end with mobile payments. Google Wallet also allows users to store plane tickets, providing updates on flight changes in real-time. Additionally, it enables the inclusion of loyalty cards, gift cards, and tickets for events or concerts.
While Google Wallet has seen less success in countries like France, its competition with Apple Pay remains fierce. Apple Pay supports a wide range of cards, including American Express, Banregio, Banorte, Citibanamex, Hey, HSBC, Inbursa, MasterCard, Nu, RappiCard, and Visa.
Meanwhile, Samsung Pay offers 31 options for adding cards in Spain, but it withdrew from the Mexican market in June 2022. Nevertheless, the platform had amassed 430,000 registered users in the country.
The introduction of Google Wallet by Santander comes at a time when cash payments are on the decline in Mexico. According to a study by the Bank of Mexico (Banxico), cash usage decreased from 93% before the COVID-19 pandemic to 86% in 2021. This shift has also led to an increase in transfers through the Interbank Electronic Payment System (SPEI), rising from 0.5% to 4%.
With 19.5 million account holders and a portfolio worth 603.881 billion pesos, Santander ranks as the fourth-largest bank in Mexico. BBVA, Banorte, and Banamex currently occupy the leading positions.
In conclusion, the partnership between Santander and Google Wallet brings secure and convenient mobile payments to Santander account holders, enhancing both the safety and convenience of transactions. With the growing trend towards mobile payments and the decline of cash usage, this collaboration positions Santander as a forward-thinking and customer-centric financial institution in the Mexican market.
