Contactless Payments Outlook for 2006

MasterCard has conducted extensive research and development over the years to create PayPass, to test it through market trials and to make it available to financial institutions, merchants and consumers. A large component of MasterCard’s R&D efforts has focused on the security behind PayPass in order to protect all parties involved in contactless transactions.

Today, MasterCard PayPass provides the most sophisticated and powerful security measures available in contactless payments, providing peace of mind and confidence to consumers as they speed their way through checkout. MasterCard PayPass also provides zero consumer liability in North America, just like all MasterCard payment programs.

At MasterCard, we understand that the revolution of contactless payments has only just begun, and that we need to continue working with financial institutions, merchants and the vendor community to ensure that contactless payments continue to help us all grow our businesses, while providing consumers with faster and more convenient ways to pay for their everyday purchases.