Kinecta Federal Credit Union today announced it will provide its members with MasterCard PayPass contactless payment technology on its credit cards.
The PayPass-enabled cards offer Kinecta cardholders a fast, secure way to pay and a more convenient shopping experience.
To use the "Tap N GoTM" feature, Kinecta members simply tap their PayPass-enabled credit cards on a specially equipped merchant terminal. PayPass allows payments to be completed quickly, securely and easily, without the hassle of swiping a card or fumbling for cash and coins. Signatures are not required for PayPass purchases under $50, further expediting transactions. PayPass cards also include traditional magnetic strips so they can be used anywhere MasterCard cards are accepted.
"Issuing credit cards equipped with MasterCard PayPass is a great example of Kinecta's commitment to continually evolving our products and services to bring added value and convenience to our members," said Gary Harman, First Vice President of Consumer Lending Operations at Kinecta. "MasterCard PayPass is simpler and faster than cash, allowing our cardholders a more streamlined payment option."
According to MasterCard research, consumer preference and satisfaction is driving PayPass growth and usage globally. About 94 percent of respondents to a 2008 MasterCard PayPass Benchmark Study were satisfied with their experience, and 77 percent of PayPass consumers said they use PayPass as their primary card for everyday purchases.
"We are excited to partner with Kinecta to innovate its credit card portfolio by offering MasterCard PayPass to its members," said Cathleen Conforti, senior vice president, Global PayPass at MasterCard Worldwide. "By introducing PayPass, Kinecta is providing cardholders with access to the increased speed, convenience and flexibility in payment options that they're looking for."
Kinecta will provide new MasterCard cardholders with PayPass-enabled credit cards in November 2010, and will begin replacing existing members' credit cards with PayPass-enabled cards that same month.