MasterCard’s PayPass has recorded 49% growth in the first quarter of 2010 compared to the same period last year, according to bernama.com.
MasterCard says a major contributing factor to this growth is the high level of consumer satisfaction with the contactless payment service, with 94% of PayPass customers reporting they are “satisfied” to “very satisfied.”
MasterCard also says it is “accelerating” its NFC mobile payment efforts by working with industry leaders, including Gemalto, to introduce new mobile “Tap & Go” style solutions. One such solution, called the Upteq N-Flex, is a wafer-thin device that can be inserted into virtually any mobile phone to turn it into a payment device. It is currently being piloted in Singapore with DBS Bank, EZ-Link and Starhub.
There are currently 75 million PayPass cards and devices in circulation worldwide accepted at 230,000 merchant locations.
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