Mastercard reports 20K Canadian merchants in QuickPay program
05 June 2006 | 2398 views | 0
Source: Mastercard International
MasterCard International (NYSE:MA) today announced that more than 20,000 merchant locations across Canada are enrolled in the MasterCard Quick Payment Service (QPS) program, which facilitates credit card payment at quick service retailers.
MasterCard QPS offers consumers and merchants quick, secure and easy transactions by eliminating the need for a signature or receipt for purchases made with a MasterCard card (up to a specified floor limit per merchant category).
"Canadians want to be able to use their credit card for all kinds of everyday purchases, and MasterCard QPS gives consumers the opportunity to make paying with your MasterCard card faster than cash," said Nagesh Devata, Vice President Acceptance and Product Solutions, MasterCard Canada. "MasterCard QPS also delivers great benefits to participating merchants, including faster transaction processing and increased traffic as checkouts move faster. If the eagerness with which merchants are embracing MasterCard QPS is any indication, long lineups will soon be a thing of the past."
MasterCard QPS was developed for use in retail and service environments where speed of payment is critical to the transaction, such as movie theatres, parking garages and quick service restaurants. In 2006, MasterCard QPS was expanded to 12 categories including convenience stores, gas stations and drug stores.
MasterCard PayPass, the contactless payment service, and MasterCard QPS work well together for merchants in quick service environments. MasterCard PayPass allows cardholders to simply tap their PayPass-enabled MasterCard card or device (such as a key fob) on a specially-equipped terminal that utilizes a radio frequency (RF) chip. MasterCard QPS speeds the processing of the payment to complete the transaction. Any merchant that accepts MasterCard PayPass automatically qualifies for a minimum $30 transaction floor limit. MasterCard PayPass merchants include Petro-Canada and Cineplex Entertainment.
"Enabling MasterCard QPS at your business is like upgrading from dial-up to high-speed Internet," said Devata. "The transaction is completed in fewer steps than it takes to process any other payment type, including cash. Merchants benefit from increased average ticket size as customers are now able to use their card and not rely on the cash in their pocket, and consumers benefit from less traffic as checkout processing can move more quickly."