PayPass is MasterCard’s alternative to cash for smaller purchases and allows the customer to simply tap the card onto a reader then walk away as no receipt or signature is required on purchases of under $25. Garanti Bank is planning to reissue 25,000 of the Tap and Go cards to its Bonus cardholders.
Javier Perez, president of MasterCard Europe, said, Contactless payments have a major role to play in the replacement of cash in European commerce and our MasterCard PayPass launch with Garanti Bank is a critical step forward in bringing a fast, convenient and secure alternative to cash to the European market.
There are a number of PayPass-related programs currently underway in ten countries around the world. PayPass rollouts and trials have been announced in the US, Canada, UK, Japan, Korea, Lebanon, Malaysia, Australia, Taiwan, and the Philippines, with more programs and rollouts anticipated throughout 2006.
