MASTERCARD will start issuing so-called contactless cards for all banks beginning next year to keep abreast with the latest payment systems.
“In two to three months, you’ll see tap up cards in all banks. These are prepaid cards and debits cards. We’re done with credit cards,” MasterCard Vice President Joan Camacho told the BusinessMirror.
The card is an EMV-compliant solution with end-to-end encrypted transactions from terminal reader to acquirer host.
MasterCard operates a sophisticated, multilevel fraud monitoring system that protects cardholders from data compromise and fraud.
The contactless payments are tapped, not swiped, so it’s simple, according to Camacho, quickly adding that it allows customers to do card transactions without having to enter a personal identification number (PIN) or sign a receipt through radio frequency identification (RFID) technology that ensures secure payments.
“You can look for MasterCard PayPass logo on the card or the reader and tap your card on this symbol PayPass locator. Look for the green lights, listen for the beep and go. That’s it, you’re on your way and no need to enter a PIN,” she said.
The payment facility aims to reduce payment service time in a safe and more convenient way.
Camacho said close to 30 McDonald’s restaurants in Metro Manila are now equipped with a terminal to accept
contactless card payments from MasterCard PayPass.
Customers can also look forward to contactless payment in drive-through counters and McDelivery.
3 comments
“We’re done with credit cards,” MasterCard Vice President Joan Camacho told the BusinessMirror.”
What is this nonsense?
that means they’re fed up with all the additional charges incurred by credit cards, that’s why it’s time to shift to prepaid and debit cards.
Nonsense!