7-Eleven To Accept MasterCard Paypass–‘Tap And Go’ Payment Option Is Newest Way To Pay
MasterCard PayPass Delivers Even More Convenience to the Convenience-Store Customer
Dallas TX, June 06, 2005–As part of its ongoing commitment to offer customers a convenient and secure payment card transaction, 7-Eleven, Inc. (NYSE: SE) announced today that it will accept MasterCard® PayPass™, a new contactless payment option using radio frequency (RF) technology. 7-Eleven expects to rollout the program in its 5,300 U.S. locations by early 2006 and has installed RF readers in 170 test-market 7-Eleven® stores.
“As the world’s largest convenience retailer, it’s a natural decision for 7-Eleven to provide consumers with an even more convenient way to pay,” said Rick Updyke, vice president of business development for 7-Eleven, Inc. “PayPass enhances our customers’ shopping experience by offering speed and convenience when paying at 7-Eleven.”
To complete a payment transaction, MasterCard PayPass cardholders simply tap their PayPass-enabled MasterCard card–or alternative devices, such as a cell phone or key fob–inside the store at the specially-equipped terminals using RF technology. RF readers will be installed 7-Eleven’s company-operated and franchised stores in the U.S.
No fumbling for cash, coins, or handing over of the card is required. Visual and sound cues from the terminal indicate MasterCard PayPass has been read, processed and accepted through the highly trusted acceptance network of MasterCard. Seconds after tapping the card, the transaction is authorized and confirmed so customers can be on their way. No signature is required for many purchases under $25, which makes it even easier to minimize time spent at the point-of-sale counter.
Consumers prefer and demonstrate loyalty to retailers who deliver on real convenience,” said Fred P. Gore, senior vice president, North America Acceptance, MasterCard International. “7-Eleven is a leader in customer convenience. We’re pleased to be working with 7-Eleven to offer our mutual customers–MasterCard cardholders–the speed, convenience and security of MasterCard PayPass.”
About 7 Eleven, Inc.
7 Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Headquartered in Dallas, Texas, 7-Eleven, Inc. operates or franchises approximately 5,800 7-Eleven® stores in the United States and Canada and licenses approximately 21,300 7-Eleven stores in 17 other countries and U.S. territories. During 2004, 7-Eleven stores worldwide generated total sales of approximately $41 billion. Find out more online at http://www.7-Eleven.com.