Maestro PayPass provides consumers with payment options while shopping. PayPass users are able to tap their cards against payment terminals allowing payment details to be exchanged. This movement paves the way to the introduction of contactless mobile payments in the Netherlands in 2013.
The banks expect that by H2 2013, consumers will be able to pay with their smart phones at the cash register.
MasterCard’s PayPass has been deployed by more than 100 issuers in countries including Australia, Belgium, Canada, Columbia, France, Germany, Italy, Japan, Korea, New Zealand, Poland, Singapore, South Africa, Spain, Taiwan, Turkey, the UK and the US. In Europe, there are 22 PayPass-enabled countries and more than 1 million PayPass cards have been issued in the UK, France, Turkey, Poland, Italy and Germany. To date, Poland is the most advanced PayPass country in Europe with more than 10 percent of all MasterCard and Maestro transactions tapped. However, with the decision of ING and ABN AMRO to migrate their card portfolio to Maestro PayPass cards, the Netherlands will have the largest PayPass debit card footprint in Europe.
In recent news, MasterCard, Western Union and India-based financial services provider ICICI Bank have joined forces to roll out the Western Union ICICI Bank Prepaid Card in India, to deliver financial inclusion in the country.
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