New contactless credit and debit cards are changing the way we spend things and MasterCard’s PayPass is at the front of the revolution, with technology in place and changes well underway.

Accelerating our digital revolution

Paypass also supports the adoption of mobile and wearable payments, which are becoming more popular and widespread. Consumers can use their smartphones, smartwatches, or other devices to pay with Paypass, without carrying a physical card. This adds another layer of convenience and personalization to their payment choices.

With PayPass, cardholders simply have to follow a few steps to make a payment without swiping or inserting their card into a machine. Once the PayPass symbol has been seen, it is a matter of tapping the PayPass card onto the PayPass symbol of the processor, waiting for a beep and/or green lights to flash, then removing the card.

Once the process is familiar it should significantly cut down transaction times and at participating merchants you will not have to sign or enter a PIN for transactions under $100, making it even quicker. Swiping or inserting the card for machines that are not PayPass-enabled is also an option, so you are not limited by the card’s technology.

PayPass cards also use secure encryption technology and zero liability protection to help safeguard card details and fend off potential fraudsters. Other safety elements include:

• The ability to hold onto the card while processing payments
• Unique transaction technology to stop any accidental payments
• One bill per card, per transaction so that cardholders are not billed twice

MasterCard made PayPass standard on newly issued MasterCard credit and debit cards from October 2012 onwards.

In a press release earlier this year, the Divisional President of MasterCard Australasia, Eddie Grobler, said it is also clear customers are enthusiastic about contactless payments.

“We know that customers want PayPass. Between June and December 2010, we saw growth in the number of PayPass transactions in Australia of over 235%, “ he said.

There are currently over 35,000 merchant locations that accept PayPass cards, including McDonald’s, Bunnings, JB Hi-Fi and 7Eleven.

Currently PayPass debit cards are available from two different banks in Australia – Westpac and the Commonwealth Bank, which has been supporting the technology since 2006. The alternative being Visa payWave.

However, MasterCard is committed to progressing with PayPass and extending the network, so make sure you keep an eye out for other debit card options.