12 February 2016

MasterCard launches PayPass in Europe with Turkey's Garanti Bank

21 July 2006  |  9547 views  |  0 Mastercard logo

MasterCard has launched its PayPass contactless payments system in Europe in partnership with Garanti Bank in Turkey.

Garanti bank is issuing 25,000 PayPass 'tap and go' cards to its bonus cardholders.

To make a purchase customers tap their cards on a specially-equipped terminal that utilises a radio frequency chip to complete the transaction. Payment details are communicated to the terminal and then processed through the MasterCard network for clearing and settlement.

MasterCard says Starbucks, Burger King and cinema chain Cinebonus have already signed up to accept the PayPass technology in Turkey.

Javier Perez, president, MasterCard Europe, says: "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."

Perez says the contactless technology can also change consumer behaviour. According to internal MasterCard data, the average PayPass transaction, credit or debit, is approximately US$20. Consumers also use their payment cards more frequently once those cards become PayPass-enabled, approximately 18% more often on average. Roughly 75% of all PayPass transactions are for purchases below $25 and approximately 45% of all transactions are for purchases below $10.

MasterCard says as of Q2 2006, there are nearly 10 million PayPass cards and devices in the market and approximately 32,000 merchant locations around the world that accept the contactless payment technology.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

19 July, 2006
27 June, 2006
07 June, 2006
05 April, 2006
14 March, 2006
08 February, 2006
14 September, 2005

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
14373 views comments | 99 tweets | 88 linkedin
European mobile banking service Pocopay goes live European mobile banking service Pocopay go...
8092 views comments | 25 tweets | 14 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
7564 views comments | 27 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
7239 views comments | 33 tweets | 9 linkedin
Is Paym a failure?Is Paym a failure?
5781 views 15 comments | 20 tweets | 16 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits

Find your next job