MasterCard offers credit card customers a new way to pay

03 November 2004
MasterCard revealed a new system that allows credit card customers to pay for goods without having to hand over their cards.

The new technology allows for contactless payments similar to the way the Oyster smartcard is used on the London Underground.

"OneSMART PayPass combines the power and security of MasterCard M/Chip, with the speed and convenience of contactless payments," Pascal Dufour, vice-president and head of chip product management, MasterCard International, told Computer Weekly.

"Contactless payments are most powerful in places where speed is of the essence - such as in quick-serve restaurants, petrol stations and tollways. Cardholders simply tap their PayPass-enabled card on the PayPass reader and are on their way."

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