Record growth for Mastercard PayPass network
Dubai, February 10, 2013
MasterCard Worldwide has announced record growth of its PayPass contactless payments technology across the Asia/Pacific, Middle East and Africa (APMEA) region in 2012, citing a 28 per cent year-on-year increase in merchant locations.
The PayPass network had nearly 700,000 merchant locations in 51 countries as of Q4 2012. Growth data reflected a strong demand from consumers for fast and convenient alternative to cash for everyday purchases in region, including those in emerging markets like Vietnam, which this month launched contactless payments for the first time, the company said.
South Africa, Australia, Taiwan, South Korea, Singapore, New Zealand, and the UAE were credited as key contributors to growth in the APMEA region, and hotbeds for innovation in contactless payments, it said.
In the UAE, MasterCard collaborated with Network International to expand its contactless payments infrastructure, installing MasterCard PayPass terminals across more than 1,000 stores in 2012, and paving the way for contactless mobile payments in the region.
Fransabank's MasterCard PayPass Card won the "Best Contactless Innovation Award in the Middle East”. – TradeArabia News Service
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