The bandwagon for making “tap ‘n go” payments with your credit card is growing day-by-day worldwide. For example, the number of “MasterCard PayPass”-enabled cards and devices has soared by 62% over the past year after more than doubling in 2007. The number of global merchants accepting the contactless payment option has grown by 46% during the same period. As of March 31st there were 55 million “MasterCard PayPass” cards and devices in use worldwide, compared to 28 million one-year ago. At mid-year 2009 it is estimated there are 60 million “MasterCard PayPass” cards and devices, compared to 37 million for mid-year 2008 and 17 million for mid-year 2007. As of March 31st there were 146,000 global merchants accepting “PayPass.” MasterCard reports that the top merchants that have received a visit from a new customer because of their “PayPass” acceptance include quick-service restaurants (20%), pharmacies (17%), and supermarkets (13%). A 2009 survey found that 77% of consumers that have a “PayPass”enabled card or device use it as their primary form of payment, which demonstrates its ability to bolster relationships for financial institutions with cardholders.
PAYPASS CARDS/DEVICES 1Q/08: 28 million 2Q/08: 37 million 3Q/08: 44 million 4Q/08: 50 million 1Q/09: 55 million Source: CardTrak (www.cardtrak.com)