Amid the barrage of Frost & Sullivan awards comes MasterCard’s announcement of their recognition as Company of the Year for their performance in the contactless payment market. The award is “given to a company that has demonstrated excellence within its industry.”
MasterCard® Wins 2006 Company of the Year Award
PURCHASE, N.Y.–(BUSINESS WIRE)–MasterCard Worldwide has been awarded the 2006 Frost & Sullivan Company of the Year Award for its performance in the contactless payment market. The annual award is given to a company that has demonstrated excellence within its industry. Several factors were assessed for the award, including MasterCard’s business development, competitive strategy and market leadership.
MasterCard has been the market leader and main innovator in contactless payments since introducing contactless card solutions in 2002. Following initial end-user research and extensive R&D, MasterCard implemented numerous contactless card solutions throughout the world, using its highly innovative MasterCard® PayPass™ technology. The technology is already providing a higher level of control and convenience for customers and driving faster throughput and greater spend for retailers.
Accepting the award on behalf of MasterCard, Toni Merschen, Group Head, Chip, MasterCard Worldwide, said:
“Contactless payments have a major role to play in the replacement of cash in global commerce. We are delighted to accept the Frost & Sullivan Company of the Year Award as recognition of our market leadership and innovative approach in this area, through our MasterCard PayPass solution.”
“Following the successful rollout of MasterCard PayPass in the US, we are delighted to have launched contactless payment initiatives in 2006 with The Royal Bank of Scotland in the UK and Garanti Bank in Turkey. Yesterday we announced our involvement in an m-commerce pilot in France, driven by the EMV OneSmart PayPass contactless application.”
PayPass – Product Overview
MasterCard’s PayPass solution spearheads the company’s offering in the contactless market. Contactless technology offers customers a faster and more efficient means to make payments. Using MasterCard PayPass, customers can simply ‘tap and go’ on a terminal equipped with the correct reader.
PayPass – Market Overview
There are a number of PayPass-related programs currently underway in thirteen countries around the world. PayPass rollouts and trials have been announced in the United States, Canada, United Kingdom, Japan, Korea, China, Thailand, Turkey, Lebanon, Malaysia, Australia, Taiwan and the Philippines, with more programs and rollouts anticipated throughout 2006.
As of Q2 2006, there are nearly 10 million PayPass cards and devices in the market and approximately 32,000 merchant locations around the world that accept PayPass, including McDonald’s, 7 Eleven, CVS, Duane Reade, Sheetz and Regal Entertainment Group. Interest in PayPass has not been limited to retail establishments. The technology has proved popular in sports facilities, and PayPass is now accepted in many Major League Baseball and National Football League stadiums, as well as at numerous golf events.
PayPass and Garanti Bank
In July 2006, MasterCard announced the launch of Europe’s first public contactless payment initiative, with a PayPass credit program in Turkey. Garanti Bank has started to reissue 25,000 ‘Tap & Go™’ cards, which use MasterCard PayPass technology to its Bonus Cardholders. Starbucks, Burger King and CineBonus, Turkey’s largest cinema chain, signed up to accept PayPass in Turkey.
PayPass and The Royal Bank of Scotland
In February 2006, MasterCard unveiled a ready-to-market solution to accelerate cash replacement for low value payments (below €15 or GBP10). Leveraging PayPass contactless technology, The Royal Bank of Scotland Group commenced a first internal pilot phase with Maestro® PayPass in the UK this summer.
OneSmart PayPass Launch in Malaysia
Also in February 2006, MasterCard celebrated the launch of OneSMART™ MasterCard® PayPass™, the industry’s first internationally accepted, dual-interface contactless EMV payment solution, in Malaysia. PayPass combines both contact and contactless interfaces on one chip, enabling regions where EMV smart cards predominate, such as the Asia/Pacific, to reap the speed and convenience benefits offered by contactless payments.
Previous Award Wins
Earlier this year, MasterCard Worldwide received two 2006 Breakthrough Awards from Card Technology magazine at the CardTech/SecurTech industry conference. MasterCard Worldwide was honored with the ‘Most Significant Implementation’ award for PayPass, while Art Kranzley, global executive, Advanced Payments Solutions, was named ‘Visionary of the Year’. Additionally, in recognition of its success in leading the contactless payment market with its innovative PayPass programme, MasterCard Worldwide was also awarded Frost & Sullivan’s ‘2006 Market Penetration Leadership Award’.
For more information about MasterCard PayPass, visit www.mastercard.com/PayPass.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes close to 14 billion payments 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 www.mastercardworldwide.com.