Going Contactless: MasterCard PayPass leads the change in how we pay Iqaluit NU
North York, ON
Going Contactless: MasterCard PayPass leads the change in how we pay
Photo courtesy of metrocreativegraphics.com
(NC)-Paying with cash takes about 34 seconds by the time money is handed over, rung into the register, change made, and a receipt provided. That may not seem like much but multiplied by hundreds - or even thousands - of transactions for some businesses every day and you see how lineups and frustration can occur.
For merchants in high-volume, small-ticket purchase businesses, it is vital to the customer experience to make the purchase process efficient. Recognizing the costs and frustrations of handling cash, MasterCard developed a solution for merchants: MasterCard PayPass, a contactless payment function that can be added to a traditional MasterCard card.
PayPass was developed for specific, high-speed merchant categories like newsstands, stadium concessions, parking lots, cinemas, supermarkets, drive-thru lanes, and quick-serve restaurants and to handle small value transactions.
With PayPass, consumers authorize the transactions securely, via radio frequency (RF) by simply "tapping" their cards against a point-of-sales payment reader. The transaction is confirmed within seconds and the consumer never lets go of their card.
"PayPass serves the twin demands of the modern world: speed and convenience," says Kevin Stanton of MasterCard Canada. "Canadian consumers want to use electronic payments for all types of purchases instead of cash. They want to pay fast and securely and MasterCard PayPass serves those needs."
MasterCard launched PayPass in 2002 and it has become the world's largest and leading contactless payment system with over 16 million PayPass cards issued globally. PayPass has come to Canada and is already accepted at Tim Hortons restaurants, Petro-Canada gas stations and Cineplex Entertainment movie theatres across the country.
For more information on PayPass please visit www.mastercard.ca.