Pascal Dufour, vice president and head of chip product management, MasterCard, says OneSmart PayPass combines the security of MasterCard M/Chip, with the speed and convenience of contactless payments.

"OneSmart PayPass will now enable our customers in regions where EMV smart cards predominate, such as Europe, to reap the benefits offered by contactless payments," says Dufour.

MasterCard has teamed with a number of card and terminal manufacturers, such as Gemplus, Ingenico, Oberthur and Sagem Monétel to deliver dual interface cards that can be used for both contact and contactless payment transactions.

The first cards and terminals now ready for testing and banks and merchants can trial OneSmart PayPass as an alternative to cash payments.