MasterCard Prepares to Pilot MasterCard® PayPass™ in Canada
People’s Trust and Mint Technology to Issue and Support Contactless Cards
Toronto, Ontario, September 23, 2004 – MasterCard International announced today that People’s Trust Company of Vancouver and Mint Technology Corp. of Toronto will begin issuing and supporting MasterCard® PayPass™ enabled cards in Canada for use over the next year as part of a program pilot. PayPass is a contactless payment option using radio frequency technology. To pay, consumers simply tap or wave their PayPass-enabled payment card on a specially equipped merchant terminal, eliminating the need to swipe a card through a reader. The new solution is ideal for quick payment environments where speed is essential, such as quick serve restaurants, gas stations, drug stores and movie theaters.
"MasterCard PayPass is a proven technology that is already expanding into real market use in the United States," said Nagesh Devata, Vice President, MasterCard Canada. "By taking these first steps with People’s Trust and Mint Technology, we’re now moving forward on making PayPass a viable solution for many Canadian businesses and contexts. The PayPass revolution has already started in the U.S. and is coming to Canada."
MasterCard PayPass Progress
Last month, McDonald’s announced an agreement to accept MasterCard PayPass at select restaurants in the United States starting with participating McDonald’s restaurants in Dallas and the New York metropolitan area later this year, with additional locations to be added in 2005.
Over the last two years, MasterCard has tested PayPass in real market environments. In Orlando, Florida, MasterCard conducted a MasterCard PayPass trial with Chase, Citibank and MBNA involving more than 60 retail locations and 16,000 cardholders. In Dallas, Texas, MasterCard worked with Nokia and Chase to incorporate MasterCard PayPass into mobile phones.
"Our U.S. experience demonstrated great strength and appeal for MasterCard PayPass," continued Mr. Devata. "Incorporating RF technology with a payment card offers our customers the convenience and security of card payments in new acceptance environments. There are benefits for all parties in the payment process. Consumers no longer have to fumble for cash and coins and they also get an increased sense of wellbeing by being physically in control of their card throughout a transaction. Merchants reduce their need to handle cash or implement unfamiliar payment systems."
Mint will incorporate MasterCard PayPass RF capabilities into its product and service set. "The addition of PayPass-enabled MasterCard cards signifies new opportunities for our company, and will bring added benefits to consumers," said Frank Maduri, President, Mint Inc., "MasterCard PayPass opens additional market segments and a wide range of interesting possibilities. We see tremendous inroads for this payment method in any retail situation where speed is essential, and convenience is paramount. "
MasterCard expects Mint and People’s to bring complete solutions to market with a rapid implementation strategy. "The way to gain the fastest adoption is to make available a comprehensive solution to merchants and consumers," Mr. Devata added, "We like to take a broad view during product introduction. The Canadian market can expect to see Mint and People’s Trust delivering a number of card products and services in the near future that will enhance the consumer experience."
MasterCard will be demonstrating PayPass at the Advanced Card Technology Association of Canada (ACT Canada) Cardware 2004 Conference & Exhibition in Toronto on September 23 and 24, 2004. Additional information on MasterCard PayPass is available at www.paypass.com.
About People’s Trust Company
Peoples Trust has become a very successful provider of financial services by combining price competitive products with truly exceptional customer service and support. They maintain a unique and enviable position among Canada's financial institutions as a result of long-term profitability, steady asset growth and the ability to perform above and beyond customers' expectations.
About Mint Technology Corp.
Mint Technology Corp. provides electronic transaction solutions that streamline the entire procurement and payment process to deliver time and cost savings, better security, reduced fraud exposure and improved revenue management abilities for clients. It markets its products and services through its wholly-owned subsidiaries, Mint Inc. and Mint Commerce.
Mint Inc. concentrates on customer facing solutions enabling payment transactions through a variety of devices that include cell phones, magnetic cards and radio frequency transponders. Businesses and consumers can easily complete and track transactions, better manage prepaid accounts and internet purchases, and consolidate loyalty applications through one primary profile.
The company is headquartered in Toronto, Ontario, and began trading publicly on January 21, 2004. To find out more about Mint Technology Corp. (TSX-V: MIT), visit our website at www.mintinc.com.
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members’ credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment cards brands including MasterCard®, Maestro® and Cirrus® and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless® advertising campaign is now seen in 96 countries and in 47 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com