25 June 2017
download the report now

MasterCard launches PayPass in Europe with Turkey's Garanti Bank

21 July 2006  |  10233 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)

Finextra news in your inbox

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

Related stories

MasterCard contactless technology rolled out to vending machines

MasterCard contactless technology rolled out to vending machines

27 June 2006  |  11671 views  |  0 comments
Chinatrust releases PayPass-enabled wrist watch

Chinatrust releases PayPass-enabled wrist watch

07 June 2006  |  10462 views  |  0 comments
CBA trials MasterCard contactless payments technology

CBA trials MasterCard contactless payments technology

05 April 2006  |  9996 views  |  0 comments
JCB agrees to MasterCard contactless payments protocol

JCB agrees to MasterCard contactless payments protocol

14 March 2006  |  7326 views  |  0 comments
Royal Bank of Scotland targets cash with contactless card technology

Royal Bank of Scotland targets cash with contactless card technology

08 February 2006  |  13385 views  |  0 comments
HSBC begins MasterCard PayPass roll out in US

HSBC begins MasterCard PayPass roll out in US

14 September 2005  |  9890 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.www.fisglobal.comvisit www.finastra.com

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
9502 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9127 views comments | 18 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
8660 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
8148 views comments | 8 tweets | 25 linkedin
What Banks and their customers can expect for the futureWhat Banks and their customers can expect...
7091 views comments | 7 tweets | 10 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job