It’s clear that consumers are embracing the new way to pay with MasterCard’s PayPass recording that there were more than one million ‘tap & go’ transactions in August for the fist time since the contactless technology was launched in Australia.
PayPass is MasterCard’s contactless payment system and is specifically aimed at replacing low-value purchases where consumers would usually pay with cash. The technology allows cardholders to simply and securely tap their PayPass enabled MasterCard against a retailer’s PayPass point-of-sale terminal to authorise purchases for transactions under $100.
MasterCard Australia country manager, Andrew Cartwright said the growth in MasterCard PayPass transactions demonstrate the real demand for innovative payment products.
“Using PayPass puts both merchants and cardholders in the fast lane to convenience for the small but important purchases where you don’t have the time, nor want to stand around waiting,” he said.
“We know that consumers are increasingly recognising the benefits of contactless payments and using PayPass more frequently as an alternative to cash. Consumers can also rest assure knowing that they are protected for unathorised transactions, with the protection of MasterCard‟s Zero Liability policy.”
As part of MasterCard’s five year plan to grow and reinforce the integrity of the payments industry, by April 2014 all Australian MasterCard cards should have PayPass. At the same time all new merchants in eleven categories – including supermarkets, convenience stores, petrol stations and taxis – must have at least one PayPass enabled terminal and by April 2014 all merchants in these categories must have at least one PayPass terminal.
“With retailers, such as JB Hi-Fi recognising the benefits of PayPass, particularly at peak times and during morning rush hour, we expect more retailers to install PayPass enabled terminals in the coming months. We also hope to see an increasing number of merchants turning to PayPass as a way to increase footfall and sales,” Cartwright said.
Financial institutions including Commonwealth Bank of Australia, ANZ Bank, Bankwest, Macquarie Bank, HSBC, GE Money, ME Bank and Westpac have already recognised the benefits of PayPass, with the majority of Australian financial institutions with MasterCard now issuing PayPass enabled cards.
As a result there are now over seven million PayPass enabled MasterCard cards in Australia and 42,000 merchant terminals where PayPass can be used to pay including JB Hi-Fi, Bunnings, 7-Eleven, Caltex, Dymocks and McDonald’s.