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Commonwealth Bank introduces MasterCard® PayPass™ with $75,000 card giveaway

21 November 2007

The Commonwealth Bank will celebrate rolling out the exciting new MasterCard® PayPass™ contactless payment technology by giving away 3,000 cards loaded with $25 worth of value to golf enthusiasts.

The lucky recipients will have to attend the 2007 MasterCard Masters golf tournament at the Huntingdale golf course from this Thursday until Sunday … and arrive early enough to snare one of the valuable cards.

The give-away will be staggered across all four days of the tournament to spectators who currently hold a MasterCard card.

According to the Executive General Manager, Credit Cards, Stephen Karpin, all of the retail outlets at Huntingdale have been equipped with MasterCard PayPass readers which will allow customers to just Tap & Go™, rather than swiping their cards through the traditional card readers and waiting to sign a receipt.

"MasterCard PayPass is all about speed and convenience," Mr Karpin said.

"The card never leaves the customer’s hand. They simply tap the reader with the card, listen for a beep and see the lights illuminate and the transaction is complete … it’s over in a matter of seconds.

"So this will save patrons time, allowing them to get their food or souvenirs quickly and conveniently so they can get back onto the course to watch the great golf which will be on display."

As of Q3 2007, there are over 19 million MasterCard PayPass cards and devices in use at over 73,000 merchants worldwide, including Asia/Pacific.

"MasterCard is extremely pleased to be able to give cardholders not just free entry to the MasterCard Masters, but also the opportunity to experience the speed and convenience of this innovative contactless technology first hand," said Leigh Clapham, executive vice president, Australasia, MasterCard Worldwide.

"We’re really excited about being the first Australian Bank to introduce a contactless payment solution like MasterCard PayPass to the Australian marketplace," Mr Karpin said.

MasterCard PayPass uses Radio Frequency (RF) technology embedded in a silicon chip rather than the traditional magnetic stripe.

No signature or PIN is required for transactions of less than $35. This is exciting technology with huge potential, from shopping at the corner store, to paying at a ‘drive thru’ to accessing sporting events.

"MasterCard is a global leader in contactless payment technology, with MasterCard PayPass cards being extremely popular with consumers around the globe. Visitors to the MasterCard Masters will get the chance to use the future of payment technologies right now," said Mr Clapham.

"Huntingdale is the perfect venue to showcase Commonwealth Bank MasterCard PayPass as so many of the transactions for food and drinks will be less than $35," Mr Karpin said.

He said many of Australia’s largest merchants would be seeing the technology for the first time at a specially arranged expo at Huntingdale tomorrow.

More than 100 merchants in the Sydney, Wollongong and NSW Central Coast regions already have MasterCard PayPass readers and a major roll-out of readers to other merchants would be carried out over the next 12 months.

More than 50,000 existing Commonwealth Bank MasterCard cardholders each month are receiving the new MasterCard PayPass enabled cards as their existing cards expire.

All new cardholders will receive MasterCard PayPass cards. They will know that their card contains the MasterCard PayPass feature by the PayPass logo in the top right hand corner of the card.

-ENDS-

For more information, contact:

Michael Gleeson
Executive Manager, Media and Issues Management
Commonwealth Bank of Australia.
Phone: (02) 9378 5965 / Mobile: 0400 096 924

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