October 16, 2013
MasterCard PayPass is one of the leading contactless payment platforms in the industry. Having been introduced in 2003, the platform has enabled people to just ‘Tap & Go’ with their PayPass cards while making a purchase. Recently, with NFC technology now on many mobile phones, it has allowed people to download MasterCard PayPass onto their cell phones and use it wherever MasterCard PayPass is accepted.
MasterCard’s Contactless Payments Journey
MasterCard first introduced PayPass in September 2003. The service was introduced after conducting a nine-month trial that involved over 16,000 cardholders and 60 retail locations. The trial, conducted primarily in Orlando, Florida, bore positive results.. The technology used to carry out the trial was RFID based. MasterCard noted a 23% increase in transactions volumes during the trial period versus the same period in 2002. MasterCard’s PayPass service continued to gain traction ...