New contactless credit and debit cards are changing the way we spend things and MasterCard’s PayPass is at the front of the revolution, with technology in place and changes well underway.
With PayPass, cardholders simply have to follow a few steps to make a payment without swiping or inserting their card into a machine. Once the PayPass symbol has been seen, it is a matter of tapping the PayPass card onto the PayPass symbol of the processor, waiting for a beep and/or green lights to flash, then removing the card.
Once the process is familiar it should significantly cut down transaction times and at participating merchants you will not have to sign or enter a PIN for transactions under $100, making it even quicker. Swiping or inserting the card for machines that are not PayPass-enabled is also an option, so you are not limited by the card’s technology.
PayPass cards also use secure encryption technology and zero liability protection to help safeguard card details and fend off potential fraudsters. Other safety elements include:
- The ability to hold onto the card while processing payments
- Unique transaction technology to stop any accidental payments
- One bill per card, per transaction so that cardholders are not billed twice
MasterCard made PayPass standard on newly issued MasterCard credit and debit cards from October 2012 onwards.
In a press release earlier this year, the Divisional President of MasterCard Australasia, Eddie Grobler, said it is also clear customers are enthusiastic about contactless payments.
“We know that customers want PayPass. Between June and December 2010, we saw growth in the number of PayPass transactions in Australia of over 235%, “ he said.
There are currently over 35,000 merchant locations that accept PayPass cards, including McDonald’s, Bunnings, JB Hi-Fi and 7Eleven.
However, MasterCard is committed to progressing with PayPass and extending the network, so make sure you keep an eye out for other debit card options.