KUALA LUMPUR: MasterCard PayPass, a contactless payment service introduced by MasterCard Worldwide in 2004, recorded a double-digit growth of 49% in the first quarter (1Q) ended March 31, 2010, compared to the same period last year.
Its group head, product and solutions, Asia Pacific, Middle East and Africa Shuan Gaidan said consumer preference and satisfaction from using contactless payments had contributed to the growth, with 94% of PayPass users reporting "very satisfied" or "satisfied" with the service in a study.
"As PayPass users enjoy the 'Tap and Go' benefits offered, MasterCard is leading the innovation to accelerate mobile payments through near field communication devices," Gaidan said.
"And we're looking forward to working closely with industry leaders to introduce innovative mobile payment solutions that cater to consumers' increasingly mobile lifestyle," he said in a statement on Monday, June 28.
The MasterCard PayPass contactless payment feature allows cardholders to make simple transactions with just a tap of the card on a special terminal or reader.
Gaidan said the group recently collaborated with France's Gemalto, the world leader in digital security, to pilot a near field communication device that transformed mobile phones into PayPass contact less payment devices.
"The Gemalto Upteq N-Flex Solution is a wafer-thin device that can be inserted into the mobile phone and is an industry first as it is able to function on an array of existing mobile handsets," he said, adding that the initial trial of the mobile payment solution had kicked off in Singapore with DBS Bank, EZ-Link and Starhub.
As of first quarter 2010, there are nearly 75 million PayPass cards and devices issued for use at around 230,000 merchant locations worldwide. ' Bernama
Its group head, product and solutions, Asia Pacific, Middle East and Africa Shuan Gaidan said consumer preference and satisfaction from using contactless payments had contributed to the growth, with 94% of PayPass users reporting "very satisfied" or "satisfied" with the service in a study.
"As PayPass users enjoy the 'Tap and Go' benefits offered, MasterCard is leading the innovation to accelerate mobile payments through near field communication devices," Gaidan said.
"And we're looking forward to working closely with industry leaders to introduce innovative mobile payment solutions that cater to consumers' increasingly mobile lifestyle," he said in a statement on Monday, June 28.
The MasterCard PayPass contactless payment feature allows cardholders to make simple transactions with just a tap of the card on a special terminal or reader.
Gaidan said the group recently collaborated with France's Gemalto, the world leader in digital security, to pilot a near field communication device that transformed mobile phones into PayPass contact less payment devices.
"The Gemalto Upteq N-Flex Solution is a wafer-thin device that can be inserted into the mobile phone and is an industry first as it is able to function on an array of existing mobile handsets," he said, adding that the initial trial of the mobile payment solution had kicked off in Singapore with DBS Bank, EZ-Link and Starhub.
As of first quarter 2010, there are nearly 75 million PayPass cards and devices issued for use at around 230,000 merchant locations worldwide. ' Bernama
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