Bank Aval Completed MasterCard PayPass Certification Process
OREANDA-NEWS. August 7, 2012. Raiffeisen Bank Aval completed the MasterCard certification process for acquiring of PayPass contactless payments. The unique technology of contactless payments becomes even more accessible for the Ukrainians due to expansion of the card receiving network.
Raiffeisen Bank Aval, one of the largest Ukrainian banks, now serves PayPass payments. Thus, it will be possible to assess the comfort, speed and safety of contactless payments in even more trade and service points. Owing to task-oriented work of acquiring banks, PayPass cards are now accepted by almost 1,500 trading outlets, and 7,000 terminals have been already installed with 8% coverage.
"We are happy that our technology of PayPass contactless electronic payments, which provides real preferences to all participants of the market, is being actively developed. Jointly with our partners, we do our best for this. The use of PayPass cards is the most efficient in the spheres, where the speed of transactions and the reliability of payment instruments are critical. For example, in trade networks with larger flows of purchasers the number of clients served per time unit will surely increase. Regarding banks, this MasterCard product allows to differentiate among competitors, demonstrate their leadership in innovations and increase the number of contactless payments becoming even more popular in
“It’s a great honor for Raiffeisen Bank Aval to make the history of the contactless payment market of
MasterCard PayPass is an innovative payment instrument, which permits to make contactless payments with one hand move. In order to make a payment with a PayPass card, you should simply put your card close to a terminal or a scanning device. You do not need to pass your card to other person, what provides the maximal degree of protection and control over transactions. Besides, the PayPass card protection system foresees availability of a microchip and an antenna, which transmit cardholder’s data via a special trade terminal and almost instantly confirm the transaction with the bank. A PayPass card may be used for payment of purchases to any sum. In order to increase the speed and comfort of transactions for cardholders, neither signature, nor PIN insertion is required in case the amount of purchase does not exceed UAH 100. The PayPass technology may be realized in various form-factors, such as: a classic card, a watch, a bibelot, or a card-sticker, which can be easily stuck to any appropriate surface, say, to a telephone.
PayPass in the world
Introduction of the PayPass technology in the world started in 2004, when contactless payment terminals appeared in
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