In a move to raise awareness for its ‘PayPass’
contactless technology, MasterCard has struck a deal with Transport
for London (TfL) for the branding of the Oyster card wallet in
2011.
MasterCard’s aim to enable ‘open-loop’
payments on public transport in cities such as London looms closer
as Hany Fam, president of the UK and Ireland division at
MasterCard, believes its PayPass functionality could reduce the
frustration some commuters feel when travelling.
Go deeper with GlobalData
“Oyster has been a huge success, providing
millions of consumers every day with a convenient way of accessing
London’s transport system,” said Fam.
“But we believe that MasterCard PayPass can
offer even more. Frustrations such as missing a train because you
have to queue up to buy a ticket, or waiting for a bus only to find
that you don’t have enough value to travel, could be a thing of the
past.”
The open-loop payment system would allow
commuters to ‘Tap and Go’ and pay travel fares directly ay the
ticketing gate with the same credit, debit or prepaid card they use
to make everyday purchases.
MasterCard will distribute over 6m Oyster
wallets in London this year and with travellers tapping their
Oyster cards an estimated 13m times, their branding deal is
unlikely to go unnoticed.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
