Canadians in the Lead in Adoption of MasterCard(R) PayPass(TM) Tap & Go(TM) Technology
TORONTO, ONTARIO--(Marketwire - Nov. 2, 2012) - Canadian consumers are world leaders in adopting MasterCard's innovative PayPass Tap & Go contactless payment technology as their payment method of choice, with one-in-ten in-store purchases made with a MasterCard PayPass-enabled credit card, according to MasterCard Canada research.
"Canadians love the convenience, safety, and security of PayPass," said Richard McLaughlin, SVP, Global Products and Services, MasterCard Canada. "As we work to increase the number of merchants accepting this technology, we're continuing to set the stage for mobile payment adoption in Canada."
Nearly all credit cards issued in Canada today are PayPass-enabled. Since 2005, Canadian consumers have made over 240 million transactions with their MasterCard PayPass-enabled credit cards or devices. This is by far the highest number of Tap & Go credit transactions in any country in the world in the same time period.
"Tim Hortons was an industry leading participant in PayPass back in 2007 and today we accept PayPass in more than 3,000 restaurants in Canada and the U.S," said David Clanachan, Chief Operating Officer, Tim Hortons. "Offering our guests new and convenient payment options such as PayPass is yet another opportunity for us to serve guests quickly and efficiently. We have witnessed strong and steady guest adoption of PayPass over the years."
Nineteen of the top twenty-five largest retailers across Canada accept or plan to accept PayPass, including Tim Hortons, Petro Canada, and Loblaws. With the increasing number of PayPass accepting terminals in place, Canada is in an excellent position to roll out NFC (Near Field Communication) payments initiated using mobile phones.
"PayPass has set the stage for a revolution in payments. Using BMO's Mobile Tag, Canadians are able to pay with their mobile phones via PayPass, bridging a knowledge and behaviour gap to the future of mobile payments," said David Heatherly, Vice President, Payment Products, BMO Financial Group.
PayPass provides consumers with a fast and convenient alternative to cash for their everyday purchases. Consumers simply tap their PayPass-enabled card or device on a specially equipped merchant terminal, eliminating the need to fumble for cash and coins, hand their card over to a clerk, or swipe the card. Currently, signatures are not required for PayPass purchases under $50, further speeding customers' transactions. PayPass can also provide better record-keeping than cash. PayPass is ideal for quick payment environments where speed is essential, such as quick service restaurants, grocery, gas stations, drug stores, vending machines, movie theatres, transit, and sports arenas.
"PayPass means more value for merchants and better customer experience for consumers. It's a safe, simple and smart alternative to cash and cheques and a win-win for both consumers and merchants," said Richard McLaughlin.
The Mobile Payments Readiness Index, released earlier this year by MasterCard, identified Canada as the second most mobile payment-ready country in the world, thanks to willing partners, infrastructure and financial investment. PayPass acceptance is core to the success of mobile payments and Canadians are leading the world in acceptance.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
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