MasterCard Announces World’s First Watch Using MasterCard PayPass for Contactless Payments
Chinatrust Commercial Bank Launches MasterCard® PayPass™ Contactless Payment Feature on a Soccer-Themed Watch
Taiwan, 2 June 2006–MasterCard International (NYSE:MA), in conjunction with Chinatrust Commercial Bank, today announced the launch of the world’s first watch equipped with MasterCard® PayPass™, a new “contactless” payment feature that provides consumers with a fast and convenient alternative to cash for their everyday small purchases.
Launched in line with the upcoming 2006 FIFA World Cup™ in Germany, the watch has been created in collaboration with Chinatrust, one of the largest credit card issuers in Taiwan, LAKS GmbH, a well-known Austrian watchmaker and On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global leader in contactless microprocessor-based smart card solutions. The limited edition Chinatrust 2006 FIFA World Cup™ MasterCard PayPass watch is being issued as a companion device to MasterCard credit cards and has been designed in celebration of the FIFA World Cup. The watch has a sporty exterior that showcases soccer ball images on its face and will be offered to consumers in three vibrant colors–green, blue and orange.
MasterCard PayPass offers consumers a convenient alternative to cash that allows for small ticket purchases to be completed quickly, securely and easily. Consumers no longer need to fumble for cash and coins, swipe a card, or sign a receipt for any PayPass purchase under US$25 (purchases over US$25 will require a signature and a receipt). Users simply tap their PayPass-enabled card or device, such as these watches, on the PayPass reader at participating merchants and they are on their way.
Charles Lo, vice chairman, Chinatrust Commercial Bank, said; “Contactless payments are quickly gaining momentum in Taiwan. The launch of new form factors, such as these watches, provides consumers with a revolutionary quick and easy payment method that will improve their overall shopping experience. These watches allow Taiwanese consumers to make purchases by simply tapping their arm on a MasterCard PayPass terminal.”
“Leveraging soccer fever and coupling it with a series of promotions, we believe this watch will be well received in the market, especially by soccer enthusiasts,” added Lo.
“Taiwan is an early adopter of technology and is one of the leading markets in the region to implement contactless payments. Just over a year ago, we announced the launch of the world’s first MasterCard OneSmart™ PayPass Chip Combi Card as the payment solution for the Kaohsiung City Government (KCG) transportation project. Today, it gives us great pleasure to collaborate with key industry players to launch yet another global first,” said Tina Chiang, vice president and business manager, Greater China, MasterCard International.
Chinatrust 2006 FIFA World Cup MasterCard PayPass Watch Promotion
Consumers that hold a Chinatrust 2006 FIFA World Cup MasterCard PayPass watch will be able to benefit from the following exclusive privileges:
Until 31 August 2006, enjoy an extra 10% discount at Sports Giant stores, in addition to the current storewide sale that is offering consumers a discount of 20% and more.*
Receive a package worth NT$1,699 with exclusive MasterCard FIFA World Cup merchandise, such as a 5-inch commemorative soccer ball and a carry bag.
Receive exclusive discounts at well-known hotel’s and restaurants, such as, Imperial Hotel and Tony Roma’s.*
(* Certain terms and conditions apply.)
The limited edition Chinatrust 2006 FIFA World Cup MasterCard PayPass watches will allow consumers to shop at more than 400 merchant outlets in Taiwan, such as Wellcome Supermarket and IS Coffee outlets, as well as approximately 30,000 merchant locations around the world.
For years, MasterCard has been the industry innovator in contactless payments. From consumer research and development efforts to conducting market trials and standardizing communications protocols for contactless payments, MasterCard has paved the way for the increasing demand and successful roll-out of PayPass globally. In January 2006, MasterCard was awarded Frost & Sullivan’s “2006 Market Penetration Leadership Award” in recognition of its success in leading the contactless payment market with its innovative PayPass program.
For more information about MasterCard PayPass, visit www.mastercard.com/paypass.
Artwork of the watches is available at: www.laks.com/project/paypass
About MasterCard International
MasterCard International (NYSE:MA) advances global commerce by providing a critical link among financial institutions and millions of businesses, cardholders and merchants worldwide. Through the company’s roles as a franchisor, processor and advisor, MasterCard develops and markets secure, convenient and rewarding payment solutions, seamlessly processes more than 16 billion payments each year, and provides industry-leading analysis and consulting services that drive business growth for its banking customers and merchants. With more than one billion cards issued through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories, and is a partner to 25,000 of the world’s leading financial institutions. With more than 24 million acceptance locations worldwide, no payment card is more widely accepted than MasterCard. For more information go to http://www.mastercardinternational.com.