OREANDA-NEWS. On September 09, 2008  MasterCard Worldwide and CB “Expobank” LTD announced the first MasterCard® PayPass™ transaction in the Russian Federation, reported the press-centre of Expobank.

The historical MasterCard PayPass transaction was performed as part of a demonstration of contactless payments at a quick serve “5 Stars” restaurant of Prime-Star chain located in Kamergersky Street and belonging to the CB “Expobank” LTD acquiring network.

The Expobank-MasterCard PayPass project comprises installing 400 specially-equipped terminals at several hundred places in Moscow including supermarkets, drug stores, gas stations, and quick serve restaurants – at the places where the speed of a transaction is very important and small purchases should be performed in a fast and convenient way.

PayPass is the new faster, safer and more convenient way to pay for everyday small purchases of 900 rubles or less. Consumers have no need to fumble for cash and coins, hand their card over to a clerk, or swipe the card, the technology makes the payment quick, easy and secure. MasterCard PayPass payments take less than a second. You only have to tap your payment card on a point-of-sale (POS) terminal reader rather than swiping or inserting their card. PIN will be required for more expensive purchases.

Easy to use, this ‘contactless’ feature can be added to any MasterCard credit, debit or prepaid card, or Maestro debit card, providing a secure alternative to notes and coins. To pay, consumers simply need to tap the card against a specially equipped PayPass reader, removing the need to use banknotes and cash.

Acting General Manager MasterCard Europe Moscow Office Ilya Ryaby comments: "Merchants and ordinary consumers have realized the convenience and benefits of contactless payments by making small purchases. Our experience of PayPass in other countries shows us that the technology is particularly popular in big cities where the pace of living is very fast and every minute is priceless".

Oleg Safonov, First Deputy Chairman of the Board of Expobank, remarked that “our lifestyle nowadays demands fast technology everywhere. Especially in banking. I am glad Expobank in alliance with MasterCard is the first bank to launch contactless acquiring in Russia. I can’t but mention also, that innovative card products has, historically, been one of the hallmarks of the Barclays Group worldwide”.

The PayPass technology was first introduced by MasterCard in 2002 and continues to gain strong momentum worldwide. As of Q208 there are nearly 37 million PayPass cards and devices in use at more than 122,000 merchant locations in 24 countries.

PayPass enabled micro-processors can be integrated into a watch as it was done in Taiwan and Turkey, key-fob (USA, Spain, Turkey) a mobile phone (trials have taken place in the UK, France, Norway and Turkey).