MasterCard cardholders are expected to embrace the company's PayPass as some of New Zealand’s most popular retailers install ‘Tap & Go’ terminals in the lead-up to Christmas.
Designed as the company's contactless payment system, PayPass is specifically aimed at replacing low-value purchases where consumers would usually pay with cash.
The technology allows cardholders to tap their PayPass-enabled MasterCard against a retailer’s PayPass point-of-sale terminal to authorise purchases for transactions under $80, without the need to enter a PIN or provide a signature.
While transactions over $80 can still be tapped, cardholders simply enter a PIN or sign to authorise their purchase.
MasterCard says the milestone increase in merchants is a reflection of strong demand from Kiwi consumers for faster and secure ways to make everyday payments.
Organisations including Air New Zealand, ASB, ANZ, BNZ, Kiwibank, Westpac and The Warehouse Financial Services are using the service while also issuing MasterCard PayPass-enabled cards.
Consequently there is a growing number of PayPass-enabled MasterCard cards across the country, with MasterCard New Zealand country manager, Albert Naffah saying:
“New Zealanders are typically early adopters of technology. As more retailers install PayPass terminals, consumers here are being quick to ‘tap-and-go’ and make use of this smart, secure and convenient way of paying.
“Using PayPass puts both merchants and cardholders in the fast lane to convenience for the small but important purchases where customers don’t have the time or desire to stand around waiting.
“We truly believe that contactless is the best way to make and accept payments – it’s quicker and more convenient for consumers, and allows merchants to accept more payments at peak sales times.
"It helps reduce the delays caused by queuing or searching for change and, with consumers already noticing the benefits, we believe it will be available across a larger number of retailers in the next couple of years.”
“As we head into the busy Christmas shopping period, we expect to see PayPass terminals helping ease those long shopping queues as they are become commonplace at major retailers including The Warehouse, Kmart, BP and Bunnings.”
The global payments and technology company says the service was used during the Rugby World Cup last year, with the product "paving the way for secure and convenient mobile applications that are increasingly popular – especially with younger consumers."
“Kiwis had a taste of PayPass during the Rugby World Cup 2011, when PayPass terminals were installed in Eden Park, Westpac Stadium and Forsyth Barr Stadium for ease of transaction during games," Naffah says.
"We’re seeing consumers increasingly recognise the benefits of contactless payments and using PayPass more frequently as an alternative to cash.
“While New Zealand retailers have been slower to adopt the technology than the Australian market, we’re seeing Kiwi consumers pick-up the technology quicker than their Australian counterparts, which in turn will help drive the uptake with retailers."
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