MasterCard Worldwide Announces Enhanced Support to Roll-Out Contactless Payments
Cost of MasterCard® PayPass™ M/Chip 4 Card Reduced by Approximately a Fifth of the Price to USD$2.99
Singapore, 23 November 2006–MasterCard Worldwide and Keycorp Limited (ASX: KYC) today announced the availability of a US$2.99 MasterCard PayPass M/Chip 4 Combi Card, a dual-interface smart card for card issuers in Asia/Pacific, Middle East & Africa (APMEA).
The MasterCard smart card program is part of the overall OneSmart™ MasterCard® strategy to provide issuers with greater technology choices, support and critical flexibility they need to launch a successful smart card program. With the support of these leading vendors, MasterCard will further accelerate the migration of payment cards to dual- interface (contact and contactless) multi-application smart cards in APMEA.
MasterCard’s EMV compliant program, M/Chip 4, is at the core of the MasterCard smart card strategy and represents the latest generation of EMV payment applications. When customers adopt M/Chip, they benefit from instant access to an assortment of added-value applications and support services that strengthen the business case for migrating to chip. Related MasterCard products and services that help customers realize the greatest return on their M/Chip investment include; MasterCard Pre-Authorized (MPA), for driving more transactions from cash to card, and the Chip Authentication Program (CAP), for increased online security. M/Chip 4 also supports innovative solutions from MasterCard such as MasterCard PayPass, a “contactless” payment feature.
The MasterCard PayPass M/Chip 4 Combi Card integrates both contact (ISO7816) and contactless (ISO14443) chip payment solutions on a MULTOS 32K dual-interface platform. Combining MasterCard credit or debit, and MasterCard Cash (implemented using MPA) stored value functions, as well as access to the Cirrus® Global ATM network, the MasterCard PayPass M/Chip 4 Combi Card could serve as an all-in-one payment card. In addition, the card may also contain value added applications such as the MasterCard Open Data Storage™ program (MODS), which allows for the secure storage and retrieval of personal data for loyalty, e-ticketing and more.
“Over the years, we have worked with MasterCard to spearhead the development of chip- based solutions to support industry players in their move to chip. Banks, transit systems, e-government and retail applications are all areas where contactless technology has huge potential. With our new contactless MULTOS product, Keycorp is ideally placed to capitalize on these opportunities. We are once again delighted to provide MasterCard’s customer financial institutions with lower cost advanced payment solutions,” said Richard Cusson, General Manager, Smartcard Technologies, Keycorp Ltd.
“Since the first MasterCard PayPass pilot launch in the region in October 2004, we have seen great momentum in the uptake of contactless payment solutions. The ability to offer this highly sophisticated dual-interface card program at such a competitive price was made possible by the increasing adoption of contactless payments and the lower costs associated with a unique globally interoperable system,” said Shuan Ghaidan, head of product sales and delivery, Asia/Pacific, MasterCard Worldwide. “In line with our vision to introduce secure, sophisticated advanced payment solutions, we believe that this drop in price will enable our customer financial institutions to cater to the evolving lifestyle needs of today’s consumers.”
Vendors can order the MULTOS chip used for the MasterCard PayPass M/Chip 4 US$2.99 Combi Card from KeyCorp Ltd (Australia).
Compared to the end of 2005, MasterCard in the APMEA region witnessed a 470% increase in the third quarter of 2006 in the issuance of its contactless payment cards and other payment devices. Significant program launches include the MasterCard PayPass 3- D Soccer Ball Key Chain and the MasterCard PayPass Watch, which were launched this year in collaboration with customer financial institutions and vendors.
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 recognition of its success in leading the contactless payment market with its innovative PayPass programs, MasterCard was awarded:
In January 2006, Frost & Sullivan’s “2006 Market Penetration Leadership Award” and subsequently in October the 2006 Frost & Sullivan Company of the Year Award for its performance in the contactless payment market segment.
In May 2006, Card Technology’s “Most Significant Implementation” award and “Visionary of the Year” award, which was presented to Art Kranzley, executive vice president and group executive, Advanced Payments, MasterCard Worldwide.
In November 2006, an OSCARDS 2006 Award as one of the most innovative banking cards in the world for the world’s first wristwatch equipped with MasterCard PayPass technology. The Chinatrust MasterCard PayPass watch came in first in the Shapes and Design Forms category.
In 2005, the “Best Transportation Application” at the 2005 CARTES Sesames Awards.
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 approximately 14 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 Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercardworldwide.com.
Georgette Tan, email@example.com, (65) 6825-8064