MasterCard registered over one million ‘Tap & Go’ contactless transactions in August, a sign that local consumers are responding to the new payment technology.
PayPass, MasterCard’s contactless transaction technology, aims to replace low-value purchases where consumers would likely pay with cash and allows them to securely tap PayPass enabled cards against the POS terminal for purchases under $100.
With over seven million PayPass enabled cards in Australia merchants are quickly realising the benefits of the technology. Currently, there are some 42,000 merchant terminals where PayPass can be used including JB Hi-Fi, Bunnings, 7-Eleven, Caltex, Dymocks and McDonald’s
According to MasterCard Australia Country Manager Andrew Cartwright, PayPass will be a feature of all local MasterCards by April 2014.
“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.”
Any new merchant in 11 categories, including supermarkets, convenience stores, petrol stations and taxis, must install 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 added.