Harvard University Employees Credit Union First Credit Union to Issue MasterCard PayPass
Harvard employees, students, faculty and alumni to use HUECU MasterCard® PayPass™ debit cards to Tap & Go™ when buying items throughout Harvard Square and around the world
Purchase, NY, September 17, 2007–MasterCard Worldwide and Harvard University Employees Credit Union (HUECU) today announced that HUECU has begun issuing Debit MasterCard cards enabled with the MasterCard® PayPass™ payment functionality, bringing the speed and convenience of contactless payments to Harvard University employees, faculty, students, alumni and Harvard teaching hospitals and affiliated organizations. HUECU, a state-chartered credit union that has been serving its members since 1939, is the first credit union to announce that it is issuing PayPass-enabled payment cards.
As of Q2 2007 there were more than 16 million PayPass cards and devices in use at more than 55,000 merchant locations worldwide, including Fenway Park and numerous quick-serve restaurants, cafés, pharmacies, retail establishments and convenience stores in the vicinity of Harvard University.
“We are proud to be the first credit union to offer this innovative payment functionality to our cardholders,” said Jim Lawrence, Retail Operations Administrator, Harvard University Employees Credit Union. “We are always looking for ways to better serve our members, and the speed and convenience offered by PayPass fits that ambition precisely.”
To make a purchase using a PayPass card, users merely need to tap their card on the contactless payment reader at the checkout of participating retail locations. For purchases below $25, no signatures are required, further speeding up the checkout process.
“Cardholders quickly embrace the added convenience that MasterCard PayPass delivers. Once they ‘tap and go’ they tend to use their MasterCard PayPass cards regularly, and to gravitate towards those merchants that accept it,” said Cathleen Conforti, Senior Vice President and Global PayPass Product Manager, MasterCard Worldwide. “Harvard University Employees Credit Union’s decision to issue MasterCard PayPass will provide it with a competitive differentiator that appeals to savvy customers looking for a financial institution that helps simplify their lives.”
How MasterCard PayPass Works
MasterCard PayPass uses radio frequency technology to securely transmit payment details wirelessly between the PayPass device and the merchant’s terminal. PayPass cards include magnetic stripe technology, so the cards can also be used in the traditional manner anywhere MasterCard is accepted around the world. PayPass technology can also be used in a number of devices, such as a convenient payment tag that fits on a key chain for easy access. MasterCard is also driving the effort to make contactless payments available on mobile phones.
PayPass allows financial institutions to offer cardholders more payment options and it helps increase purchase volume for issuers by attracting payments away from cash, increasing accountholder loyalty for their card programs and opening up new acceptance opportunities for “quick pay” environments. PayPass technology enhances any payment account it is added to–be it a credit, debit, prepaid, co-brand, small business or private label account.
Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), is the processor for Harvard University Employees Credit Union.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 16 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercard.com.
About MasterCard PayPass
MasterCard PayPass is ideal for traditional cash-heavy environments where speed is essential, and has led the way in bringing contactless technology to consumer categories such as quick serve restaurants, drug stores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems and parking garages. As of 2Q 2007, there are more than 16 million PayPass cards and devices issued globally, and PayPass is currently accepted globally at more than 55,000 merchant locations, including participating 7-Eleven, CVS, McDonald’s, Regal Entertainment Group theaters and many others. PayPass is also accepted at numerous National Football League and Major League Baseball stadiums. For more information about MasterCard PayPass and a full list of participating merchants, visit http://www.mastercard.com/paypass.
About Harvard University Employees Credit Union
Offering a variety of quality financial services, Harvard University Employees Credit Union has been serving employees, students and alumni of Harvard University, Harvard teaching hospitals and affiliated organizations since 1939.