PAYPASS TAPS POTENTIAL FOR CHIP PAYMENT IN THE US

Paypass allows credit account-holders to pay with a tap of their contactless cards, key fobs, mobile phones or other factors. It is an attempt to combine the convenience of the ExxonMobil SpeedPass, which more than 6 million consumers use to pay with a wave at 10,000 gas stattions, with the security and broad aceptance that MasterCard provides.

With PayPass, account data is transmitted via a radio frequency to an RF-equiped point-of-sale terminal. The data is similar to that transmitted when a magnetic-stripe card is swiped through a conventional POS terminal.

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