MasterCard has won the Frost and Sullivan Company of the Year Award 2006 for the development of its revolutionary contactless payment system.
The credit card provider was presented with the annual award for a "demonstration of excellence within its industry" for the new PayPass system that allows consumers to initiate payments with cards through a simple 'tap' on a card reader at pay terminals.
PayPass has already been rolled out on a limited basis in the United States and the same system is expected to undergo a trial run in the UK and selected other world markets, such as China, Japan, Turkey and Australia.
"Contactless payments have a major role to play in the replacement of cash in global commerce," Toni Merschen, the group head of MasterCard Worldwide, said on acceptance of the award.
"Following the successful rollout of MasterCard PayPass in the US, we are delighted to have launched contactless payment initiatives in 2006 with The Royal Bank of Scotland in the UK and Garanti Bank in Turkey."To compare credit cards, click here.
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