KUALA LUMPUR, Feb 9 (Bernama) -- At least five more banks will issue OneSMART MasterCard PayPass cards this year, said Mastercard International's vice president and senior country manager for Malaysia and Brunei, Jim Cheah.
"There are about five more banks but I cannot disclose their names. It will be a mixture of local and foreign banks," he said when asked about other banks that might issue such cards.
As of now, MBF Cards (Malaysia) Sdn Bhd, RHB Bank Bhd and Southern Bank Bhd will soon offer the "contactless" payment feature that provides consumers with a fast and convenient alternative to cash for their small everyday purchase.
PayPass allows cardholders to "tap & go" at merchant outlets around the world that are equipped with PayPass readers, Cheah said.
The MasterCard PayPass card combines both contact and contactless EMV (Europay, MasterCard and Visa) payment solution on one chip, he said.
He added that with the card, consumers need not swipe a card, fumble for cash or coins or sign any receipts for purchases under RM110.
Payments above the limit will, however, have to go through the normal procedures.
"We expect the take-up rate in Malaysia to be pretty good as it has always been a hotbed for new innovations. Our consumers are also very sophisticated," Cheah told Bernama after the launching ceremony of the Mastercard PayPass card by Domestic Trade and Consumers Affairs Minister Datuk Mohd Shafie Apdal.
He, however, declined to elaborate though MasterCard International is optimistic about PayPass-featured card take-up rate in Malaysia.
He said the uptake for contactless payments has undoubtedly been encouraging.
As at December 2005, there were more than 4.3 million MasterCard PayPass cards and fobs in circulation around the world, with about 25,000 merchants terminalised to accept PayPass cards.
This momentum, according to Cheah, indicated that issuing banks, merchants and cardholders are seeing the benefits of PayPass and the idea of "tap & go".
Going forward, he said contactless payments are expected to gain greater momentum, not only regionally but across the world.
In Malaysia, merchants that accept the PayPass card include Carrefour Group, Econsave, Pasaraya Green, KLIA Express Link, Airport Limo, Starbucks Coffee, San Franciso Coffee, Haagen-Dazs, Padini Corporation, Seed Corporation, Isetan and Berjaya Times Square Cosmo World Theme Park.
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