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Hypercom Jumps on Contactless WaveProduct: Contactless Payment Terminal for MasterCard PayPass Pilot Company: Hypercom Corp. Hypercom Corp. announced its involvement with MasterCard International's PayPass contactless pilot in Orlando, Fla. Hypercom is incorporating a special antenna and reader into its ICE 5500Plus and ICE 6000Plus point-of-sale terminals to make them fully compatible with MasterCard's contactless payment solution at Fazoli's Italian restaurants. The MasterCard PayPass card contains a magnetic stripe, an embedded computer chip, or smart card, and a tiny antenna. When card users tap or wave their card on any payment terminal (such as Hypercom's) at PayPass-accepting retail locations, cardholder account information is transmitted wirelessly - it gets communicated directly to the terminal and then processed through MasterCard's network. No card swiping or signatures are required for transactions under $25. Since the PayPass card also has a magnetic stripe, consumers can use it at any location where MasterCard is accepted. MasterCard says merchants will benefit from PayPass because the solution is even faster than accepting cash, so consumers speed through the checkout process. Average transaction amounts increase compared to cash, and PayPass may help attract new customers and increase their loyalty to the store. MasterCard doesn't want retailers to make extensive software or hardware modifications to participate in the PayPass pilot. Retailers already using a Hypercom terminal for credit and debit card acceptance, for instance, can add a radio frequency (RF) reader to their terminal with minimal additional changes, Hypercom said. Fazoli's had used Hypercom terminals in its restaurants before beginning the PayPass pilot. MasterCard has partnered with Chase, Citibank and MBNA, three of its key member financial institutions, in the PayPass pilot, which includes more than 16,000 cardholders and approximately 60 different merchant locations in Orlando. Hypercom Corp. MasterCard International |
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