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| Tap & Go taking off, says MasterCard |
   
Posted Date: 19/10/2011
By Inside Retail
In what MasterCard describes as "a clear signal" its cardholders are quickly and enthusiastically embracing PayPass, more than one million ‘Tap & Go’ transactions were recorded in August for the first time since the contactless technology launched in Australia.
The milestone increase in transactions is a reflection of strong demand from Australian consumers for faster and secure ways to make everyday payments.
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.
Financial institutions including Commonwealth Bank of Australia, ANZ Bank, Bankwest, Macquarie Bank, HSBC, GE Money, ME Bank and Westpac have already implemented PayPass, with the majority of Australian financial institutions with MasterCard now issuing PayPass enabled cards.
As a result there are now over 7 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.
MasterCard Australia country manager, Andrew Cartwright said the "strong and sustained growth" in MasterCard PayPass transactions demonstrates a real demand for innovative payments products that make life easier for consumers.
“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.
“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 unauthorised transactions, with the protection of MasterCard’s Zero Liability policy.”
MasterCard says that by April 2014 all Australian MasterCard cards should have PayPass. At the same time all new merchants in 11 retail categories – including supermarkets, convenience stores, petrol stations and taxis – must have at least one PayPass enabled terminalby then.
“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”, said Cartwright.
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