How much does MasterCard PayPass technology speed up an average/standard cash and credit retail transaction?
The MasterCard PayPass program builds upon the successful employee trial that took place at MasterCard’s Purchase, NY, headquarters. Initial results from the employee pilot showed that purchase transaction time was reduced by up to 64%. In addition, the average transaction amount increased by 10% when using a payment card in lieu of cash. However, transaction times are clearly dependent on a number of additional factors relating to a particular merchant’s implementation of the technology (e.g., integration into existing point-of-sale systems, dial-up vs. high-speed connections to acquirers, etc.). MasterCard PayPass reduces the transaction time for some elements of the process (no card or cash handover to merchant, no card orientation issues, faster data transmission for card transactions, no change for cash transactions, etc.) so the overall transaction time is generally quicker than the equivalent process today.
