Under the terms of the deal, Kinecta will be authorized to issue MasterCard contactless credit cards based on the PayPass technology. MasterCard PayPass is an EMV contactless payment option which is set to enable cardholders to pay by tapping a payment card or other payment device, including a phone or key fob, on a POS terminal reader instead of swiping or inserting a card. Signatures are not required for PayPass purchases under USD 50. The PayPass-equipped credit cards also include traditional magnetic strips in order to be used anywhere MasterCard cards are accepted.
Kinecta will provide new MasterCard cardholders with PayPass-enabled credit cards in November 2010 and will begin replacing existing members credit cards with PayPass-enabled cards during the same period.
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