02.04.2009
MasterCard outlines mobile strategy
The last piece of the mobile contactless payments puzzle in the U.S. is the commercial roll-out of NFC-enabled handsets from major OEMs and carriers, according to MasterCard. MasterCard Worldwide announced the issuance of the 50 millionth MasterCard PayPass card or mobile device, as of the fourth quarter 2008, which in the last year more than doubles the number of cards and devices in circulation worldwide. This significant PayPass momentum demonstrates not only the demand for contactless payments, but also the continued secular shift toward electronic payments, with recent data indicating that 41 percent of consumers use cash less often today than they did two years ago. The objective is to displace cash, and it’s working, with 77 percent of consumers saying they are using it to displace cash. In a New York City taxi, instead of constantly asking if you have exact change or a bill less than a 20, consumers can tap to pay and add a tip with the push of a button. PayPass and other contactless payments platforms provide a payment alternative to cash. Consumers no longer need to fumble for cash and coins, swipe a card or even sign a receipt when making purchases of $25 or below. They just need to tap their PayPass-enabled mobile device on the readers in the 141,000-plus participating merchant locations worldwide, as of the fourth quarter 2008, and they are on their way. There are a number of PayPass trials and rollouts currently underway in 28 countries.
Source: Mobile Marketer
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