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Mastercard reaches PayPass milestone

More than 50 million PayPass devices have been issued by Mastercard as cash alternatives continue to soar in popularity, it has been reported.

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20 March 2009

Mastercard reaches PayPass milestone”

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The credit card provider reached the milestone in the last quarter if 2008, more than doubling the number of cards or devices in circulation around the world in just 12 months.

The PayPass initiative allows consumers to swipe a card or sign a receipt when making low-value purchases from the more than 141,000 participating merchant locations worldwide.

Cathleen Conforti, global PayPass product manager for MasterCard Worldwide, says: "PayPass is the payment innovation that is displacing cash while making transactions faster, easier and more secure in a way that creates a more efficient system of global commerce for consumers, merchants and financial institutions."

Other credit card companies looking to introduce similar payment innovations include Barclays.

The provider joined up with phone giant Orange earlier this year to develop new mobile technology for transactions under £10.

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