In 2006, MasterCard continued to offer a wide range of innovative payment options — including credit, debit, chip, prepaid, contactless and mobile payments — to meet the evolving needs of modern commerce.

Whether in the form of a card, key fob or wristband, MasterCard PayPass — the world's leading Tap & Go™ payment option — proved to be a better way to accomplish even the smallest transactions at gas stations, movie theaters, concession stands, vending machines, quick-serve restaurants, taxi cabs and more. For banks, PayPass increases revenues by capturing millions of small transactions. For merchants, it delivers a host of efficiencies and increases customer satisfaction. For consumers, it means no more fumbling for cash. That's why uptake soared in 2006. By year's end, millions of PayPass cards and devices were in circulation worldwide.

We also moved forward with next-generation initiatives, including pilot programs in Dallas, Edinburgh, New York and Seoul, to advance mobile phones as the latest, most convenient way to pay. In addition, we've seen growth in prepaid programs around the world and introduced the rePower® Load Network, creating a new way for people to load cash onto MasterCard cards.

At the same time, MasterCard continued to make life simpler for businesses. In Latin America, we rolled out Maestro for Small Business, the first integrated debit card for small businesses in Brazil. We were also the first to extend our zero liability policy to small business credit and debit cardholders in the United States. Now, issuers protect these cardholders and their businesses from unauthorized spending.