MasterCard Worldwide announced today that The Home Depot, the world's largest home improvement specialty retailer, will begin accepting MasterCard PayPass at 1,974 retail locations across the United States.
With MasterCard PayPass, The Home Depot customers can enjoy faster transactions and greater payment convenience by simply tapping their MasterCard PayPass cards or devices on a PayPass reader at checkout to complete their purchases.
Consumer preference for contactless forms of payment is on the rise. As of Q1 2009, over 55 million PayPass-enabled cards or devices had been issued, more than doubling the number of cards and devices in circulation around the world in one year. In addition, according to MasterCard research, 41 percent of consumers say they use cash less often today than they did two years ago. Of the consumers who have a PayPass-enabled card or device, 77 percent say they use it as their primary form of payment.
"Contactless payments meet consumer demand for more convenient ways to pay in retail environments," said Cathleen Conforti, senior vice president, Global PayPass, MasterCard Worldwide. "The increasing popularity of MasterCard PayPass demonstrates that merchants and customers alike appreciate the speed and convenience PayPass delivers, as consumers continue to shift their preference to electronic payments from cash and check."
In addition to MasterCard PayPass, The Home Depot will continue accepting all other traditional magnetic-stripe payment card brands.