The CardTech/SecurTech industry conference in San Francisco presented MasterCard International with two 2006 Breakthrough Awards from Card Technology magazine. MasterCard was presented with the 'Most Significant Implementation' award for its MasterCard? PayPass? contactless payment program.
Contactless payment cards offer quick checkouts, because it is scanned without physical contact (swiping) and often does not require a signature.
MasterCard PayPass provides consumers with a fast and convenient alternative to cash for their everyday small purchases. Consumers simply tap their PayPass-enabled card or device on a specially equipped merchant terminal, eliminating the need to fumble for cash and coins, hand their card over to a clerk or swipe the card. Signatures are not required for PayPass purchases under $25, further speeding transaction times. PayPass is ideal for quick payment environments where speed is essential, such as quick serve restaurants, gas stations, drug stores, vending machines, movie theaters, transit and sports facilities.
Approximately seven million PayPass cards and devices have been issued to consumers and PayPass is now accepted at approximately 30,000 merchant locations around the world. There are a number of PayPass-related programs currently underway in ten countries around the world.
