Friday, May 19, 2006

PayPass is here.

MasterCard International and Standard Bank announced the launch of the pilot of OneSmart MasterCard® PayPass at Standard Bank’s head office campus in Johannesburg, South Africa. MasterCard PayPass is a "contactless" payment feature that provides cardholders with a faster and more convenient way to pay for their purchases.

During the pilot, Standard Bank employees can simply tap their PayPass card on specially-equipped terminals at retail outlets at Standard Bank’s campus shopping complex, as well as at all PayPass-enabled merchants worldwide to make a transaction.

PayPass is particularly well suited for small ticket purchases where speed is important – at supermarkets, convenience stores, drive-through outlets, take away outlets, tollgates, movie theatres and restaurants. PayPass also provides more consumer control, since the card does not leave the hands of the consumer to be inserted into the terminal by the merchant.

Mike Olsen, Director Strategic Initiatives & Operations, Standard Bank added, “MasterCard PayPass enables reduced transaction times and cash replacement in the low-value payments arena; benefiting both merchants and cardholders. These benefits extend the utility of the credit card into areas traditionally dominated by cash, opening up a wider market for card usage. PayPass lays the foundation to enable new card based opportunities in markets such as ticketing, toll roads, campus environments and parking garages.”

“The initiation of the OneSmart MasterCard PayPass pilot in South Africa reinforces the leadership position taken by MasterCard in smart cards and contactless technology,” said Eddie Grobler, senior vice president and general manager, Africa, MasterCard International.

“MasterCard PayPass technology has been very popular in overseas markets, like the United States, as it enables banks to differentiate their card products by adding convenient contactless ‘Tap & Go™’ functionality. As well as being more convenient for consumers, PayPass offers a high-level of security for retailers, as transactions can be authorised online and offline. Globally over seven million MasterCard PayPass cards/devices have already been issued, with usage in retailers, subways, stadiums and McDonald’s outlets,” Grobler said.

No comments: