|MasterCard and Toshiba Launch Low Cost International Standard Compliant Contactless Chip Module
13 May, 2008
Expanding MasterCard PayPass™ Enables Japanese to Enjoy Their 'Tap & Go™' Shopping
Tokyo, 13 May 2008 - MasterCard Worldwide and Toshiba Corporation today announced the launch of MasterCard PayPass™ enabled chip module. PayPass is a contactless payment feature developed and deployed globally by MasterCard. With this collaboration MasterCard and Toshiba plan to introduce the chip module in Japanese market by the end of 2008.
Designed using globally interoperable standards (ISO/IEC7816 and ISO/IEC14443), the chip module will be enabled with dual interface (EMV contact / PayPass contactless). The price gap will be kept to the minimum from the single EMV contact interface chip so that companies who currently adopt and deploy EMV contact chip can easily add and issue PayPass enabled cards with costs saved.
For MasterCard customer companies, adoption of the chip module is easy, as it is enabled with M/chip 2, which is the most accepted version of M/Chip (application for IC card of MasterCard) among MasterCard customer companies in Japan.
Since its first launch in 2002,PayPass continues to gain strong momentum worldwide. As of Q108 there are over 28 million PayPass cards and devices and MasterCard PayPass enabled cardholders can enjoy their 'Tap &Go' shopping in use at more than 109,000 merchant locations worldwide. There are a number of PayPass trials and rollouts currently underway in 24 countries.
"Although contactless payment applications are common in Japan, they are specific to each vendor and therefore inconvenient for consumers since they are not compatible with systems used overseas," said Kazuhiro Kubota, Senior Manager, Smart Card Systems Sales & Marketing Department, Toshiba Corporation. "PayPass,however, has been widely implemented worldwide by MasterCard, and Toshiba believes that the inherent convenience of the PayPass-enabled chip will make it very popular among Japanese card issuers and cardholders. Together with MasterCard, we look forward to further expanding the global reach of PayPass and delivering greater benefits to customers."
MasterCard and Toshiba plan to launch the new chip module by the end of 2008. While Toshiba undertakes production, MasterCard will expand the chip module equipped cards in the market and further expand PayPass that enables customer more convenient and secure payment.
Toshiba is a world leader and innovator in pioneering high technology, a diversified manufacturer and marketer of advanced electronic and electrical products spanning information & communications equipment and systems; digital consumer products; electronic devices and components; power systems, including nuclear energy; industrial and social infrastructure systems; and home appliances. Toshiba was founded in 1875, and today operates a global network of more than 740 companies, with 198,000 employees worldwide and annual sales surpassing US$76 billion. Visit Toshiba's web site at www.toshiba.co.jp/index.htm
About MasterCard PayPass™
PayPass™ is a new "contactless" payment feature that provides consumers with a fast and convenient alternative to cash for their everyday small purchases, and can be added to any MasterCard or Maestro account. Consumers simply tap their PayPass-enabled card or device (such as a payment tag) on a specially equipped merchant terminal, eliminating the need to fumble for cash and coins, hand their card over to a clerk, or swipe the card. Signatures are not required for PayPass purchases under $25, further speeding customers' transactions. PayPass also provides better record-keeping than cash. PayPass is ideal for quick payment environments where speed is essential, such as quick serve restaurants, gas stations, drug stores, vending machines, movie theaters, transit, and sports arenas.
PayPass continues to gain strong momentum worldwide. As of Q108 there are over 28 million PayPass cards and devices in use at more than 109,000 merchant locations worldwide. There are a number of PayPass trials and rollouts currently underway in 24 countries, including Australia, Canada, China, the Czech Republic, France, Germany, Indonesia, Italy, Japan, Korea, Lebanon, Malaysia, Mexico, Mongolia, the Philippines, Poland, Spain, Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates, the United Kingdom and the United States.
About PayPass Security
PayPass transactions are just as safe as traditional payment card transactions. Due to the nature of a chip card, PayPass has a number of built-in safeguards. For example, a card will be blocked if it exceeds a certain number of consecutive transactions without a PIN being entered. That limit is decided by the issuing bank to reflect the individual cardholder's usage and may take into account volume, value and/or a random element. When that limit is reached, the merchant's terminal will request a PIN to confirm the user is the rightful owner of the card, meaning the card can no longer be used fraudulently for PayPass-enabled transactions.
On a physical level, PayPass provides more consumer control, since the card doesn't actually have to leave the hands of the consumer to be swiped by a merchant. Additionally, the PayPass card or device must also be extremely close to the PayPass terminal to be read - typically within one to two inches.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, go to http://www.mastercard.com.
|Information in the news releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.|