Using MasterCard PayPass, cardholders hold the tap-n-go credit card up to a MasterCard PayPass terminal on the merchant’s counter, wait for a beep, and the purchase is done. For those purchases under $35, no signature or pin is required.
Under the Commonwealth Bank trial, approximately 35,000 existing customers with Commonwealth Bank MasterCard cards will be sent a new card with MasterCard PayPass and instructions on where and how to use it. The cards will be usable at a range of locations including 7-Eleven convenience stores and the Subway food chain.
Michael Cameron, Commonwealth Bank group executive reassured customers that the new system was every bit as secure as the old paper receipt with a signature. Rollouts of this technology in the US and around the world have shown no increase in fraud or security concerns, and we anticipate a similar experience here. We are very confident in the security of this technology.
