20 Million-Issued Milestone for MasterCard PayPass Demonstrating Global Shift to Contactless Payments
MasterCard Survey Shows Consumers Worldwide See Dawn of Cashless Society Ahead
MasterCard Worldwide today announced the issuance of the 20 millionth MasterCard® PayPass™ device globally. PayPass is now accepted at more than 80,000 merchants in 20 countries. This latest milestone is consistent with the results of a Global Cash Usage Survey conducted in 2007 by KRC Research and commissioned by MasterCard Worldwide, designed to gauge global attitudes towards the use of cash versus alternate payment methods as well as to determine consumer interest in using new technologies, such as contactless payment technology.
The MasterCard global survey conducted in 13 countries showed that a growing majority of consumers worldwide believe that one day there will be a cashless society – globally consumers agree that they do not like to carry large amounts of cash and their behaviors, such as unwillingness to wait in line for more than ten minutes for small purchases, are driving growth in cashless payments.
MasterCard PayPass Making Inroads vs. Cash
According to the MasterCard Global Cash Usage Survey, consumers worldwide are using less cash these days than five years ago.
* A majority of respondents (56%) believe that one day the world will be a cashless society where credit and debit cards will replace cash and checks for payments
* 75% of respondents believe that it is no longer necessary to have lots of cash on hand
* Two-thirds of respondents (66%) use cash less often than five years ago to make purchases
* Only one-fifth (21%) of consumers are willing to wait in line for more than 10-minutes to make a purchase of less than $25
These survey results indicate that consumer preference is driving PayPass growth and usage globally.
* About half of respondents (49%) are likely to use a contactless card if provided by their financial institution
* 47% of those likely to use a contactless card cite convenience as the greatest benefit of the technology
* Aside from convenience, global consumers like the additional security, speed and ease of contactless technology
* Women are the most motivated to use contactless payments in order to avoid carrying cash
“This significant milestone for MasterCard exemplifies how we are changing the way that people pay,” said Art Kranzley, Group Executive, Advanced Payments at MasterCard Worldwide. “By leading a new wave of payment innovation that is displacing cash while creating a more efficient system of global commerce, MasterCard is making transactions faster, easier, and more secure for consumers, merchants and financial institutions that is also advancing commerce worldwide.”
Whether in the form of a card, phone or key fob, MasterCard PayPass is proving to be a better way to accomplish even the smallest transactions at gas stations, movie theatres, concession stands, vending machines, quick-serve restaurants, taxi cabs, sports arenas and other emerging acceptance locations. With PayPass underway in 20 countries, PayPass is providing consumers worldwide with a convenient alternative so that they no longer need to fumble for cash and coins, swipe a card or sign a receipt for any PayPass purchase of $25 or below. Users can simply tap their PayPass-enabled card or device on the PayPass reader at one of over 80,000 participating merchants and they are on their way.
“MasterCard PayPass was specifically designed to provide a convenient and easy alternative to cash payments,” said Cathleen Conforti, Group Head, Global PayPass at MasterCard Worldwide. “MasterCard is the leader in contactless technology at a time when consumers are using credit and debit cards for purchases more than ever before and as we announce such a significant issuance milestone, we also maintain our commitment to growing channels for acceptance and further technological developments such as the recent rollout for transit, taxi’s and vending machines.”
As of November 2007, there are over 20 million PayPass cards and devices in the market and over 80,000 merchant locations around the world that accept PayPass, including McDonald’s, 7 Eleven, CVS, Duane Reade, Sheetz and Regal Entertainment Group. Interest in PayPass has not been limited to retail establishments. PayPass technology has proved popular in sports facilities and is gaining acceptance in the transportation sector. PayPass is now accepted in many Major League Baseball and National Football League stadiums as well as in many taxis and mass-transportation vehicles.
There are numerous PayPass-related programs currently underway in 20 countries around the world. PayPass rollouts and trials have been announced in the Australia, Canada, China, France, Indonesia, Italy, Japan, Korea, Lebanon, Malaysia, Mexico, the Philippines, Spain, Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates, the United Kingdom and the United States.
For more information about MasterCard PayPass, visit www.mastercard.com/paypass
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 16 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
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