Consumer Payment Card News

PayPass

MasterCard has launched a new card product that enables consumers to simply “tap” or “wave” their payment card on a specially equipped merchant terminal that then transmits payment details wirelessly, eliminating the need to swipe the card through a reader. The new contactless “MasterCard PayPass” card is targeted for use at quick serve restaurants, casual restaurants, gas stations and movie theaters. MasterCard says it is currently working with Chase, Citibank and MBNA to pilot the “PayPass” card with several merchants in the Orlando area. Participating merchants in the Orlando trial include Boaters’ World, Chevron, City of Orlando Parking, Friendly’s, Loews Universal Cineplex, Ritz Camera and Wolf Camera. MasterCard recently completed extensive consumer research that indicated 63% of consumers surveyed said that they would “definitely” or “probably” use MasterCard “PayPass” if their bank offered it to them. Also, consumers surveyed who would “definitely” use MasterCard “PayPass” indicated that it would replace cash in more than half (53%) of their future transactions. For more information visit www.paypass.com.

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