CARDS & PAYMENTS | Tony Chua, Australia

MasterCard Australia's PayPass transactions reaches 1mn transactions

The card company expects all Australian MasterCard credit and debit cards will be PayPass-enabled by April 2014.

MasterCard Australia has announced that more than 1 million contactless PayPass transactions were recorded during the month of August.

According to Insider Retailing, this marks the first time that PayPass “Tap and Go” payments have surpassed the 1 million transaction milestone since the technology was introduced in Australia several years ago, indicating growing acceptance of contactless payments.

Insider Retailing estimates that there are 7 million PayPass enabled cards in use nationwide, issued by a number of major financial institutions including Commonwealth Bank of Australia, ANZ Bank, Bankwest, Macquarie Bank, HSBC, GE Money, ME Bank and Westpac.

Customers can use their PayPass cards at some 42,000 merchant terminals nationwide, including JB Hi-Fi, Bunnings, 7-Eleven, Caltex, Dymocks and McDonald’s.

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