Office Depot Becomes First Office Supply Superstore to Accept MasterCard PayPass
Growing List of Retailers Now Accepting MasterCard “Tap & Go™” Contactless Payments
Purchase, NY, August 28, 2007–MasterCard Worldwide announced today that Office Depot (NYSE: ODP), a leading global provider of office products and services, will accept MasterCard® PayPass™, an innovative contactless payment option, in its more than 1,000 retail store locations nationwide. With a strong consumer and small business customer base, MasterCard sees Office Depot as the ideal setting for the first contactless payment deployments in the office supply industry. Office Depot will continue to accept traditional magnetic-stripe payment cards as well.
To date, MasterCard PayPass is accepted in quick serve restaurants, sports stadiums and arenas, convenience stores, movie theaters, supermarkets, vending machines, taxis, and other sectors where speed and convenience are of the essence. Office Depot joins a growing number of retailers recognizing that contactless payments offer a new and valuable convenience to consumers who have to stand in line to make purchases.
“Office Depot is committed to providing our customers with best-in-class service in everything we do,” said George Bryan, Vice President of Financial Services for Office Depot. “Our retail stores offer both a convenient and enjoyable shopping experience and MasterCard PayPass is a great addition to our portfolio of services.”
MasterCard PayPass is a quick and easy, cashless payment option that will allow customers to pay for their Office Depot purchases by simply tapping their PayPass-enabled MasterCard card or device on a PayPass reader. Consumers no longer need to fumble for cash or hand their card to a cashier for purchases. Purchases under $25 will not require the customer to sign the receipt, further speeding the transaction.
“The types of retail categories that accept PayPass continue to expand and we’re proud that a large industry innovator like Office Depot recognizes that contactless payments provide consumers with speed and convenience at the point of sale,” said T.J. Sharkey, Senior Vice President, U.S. Merchant Sales, MasterCard Worldwide.
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 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 Office Depot
Office Depot provides more office products and services to more customers in more countries than any other company.
Incorporated in 1986 and headquartered in Delray Beach, Fla., Office Depot has annual sales of over $15.4 billion, and employs approximately 52,000 associates around the world. Currently, the Company sells to customers directly or through affiliates in 43 countries.
Office Depot is a leader in every distribution channel–from retail stores and contract delivery to catalogs and e-commerce. As of June 30, 2007, Office Depot had 1,186 retail stores in North America and another 369 stores, either company-owned, licensed or franchised, in other parts of the world. Office Depot serves a wide range of customers through a dedicated sales force, telephone account managers, direct mail offerings, and multiple web sites. With $4.7 billion in online sales during the last twelve months, the Company is also one of the world’s largest e-commerce retailers.
Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.