WATERLOO, Belgium and PARIS — MasterCard International is set to launch its OneSMART PayPass which combines a contact chip and a contactless interface, according to a news release. OneSMART PayPass will center around MasterCard’s M/Chip 4 EMV-based smart card application for credit and debit cards. With the first cards and terminals now ready for testing, banks and merchants can trial OneSMART PayPass as an alternative to cash payments. Merchants can add a PayPass reader to an existing terminal or introduce an integrated terminal that transacts with a tap, dip or swipe of a card.
Said Pascal Dufour, vice president and head of Chip Product Management, MasterCard International, "Trials in the United States have shown us that MasterCard PayPass has the potential to replace cash with card payments. This represents a huge potential for banks and merchants, particularly as a significant proportion of cash payments are made in retail environments where convenience and speed of transaction are at a premium."
PayPass has demonstrated through trials that it helps merchants to speed customers through the checkout process, increases average transaction amounts spent (as compared to cash), and provides a reliable payment method for quick-pay environments.
