MasterCard plans to issue contactless debit and prepaid cards for all banks in 2015 to remain compatible with the latest payment systems.
The multinational financial services firm will provide an EMV-compliant solution to the banks offering end-to-end encrypted transactions from terminal reader to acquirer host, reported the BusinessMirror.
The contactless payments that are made through a tap and not swiped will allow customers to perform card transactions without having to enter a PIN or sign a receipt via radio frequency identification (RFID) technology ensuring secure payments and reducing payment service time.
MasterCard vice president Joan Camacho told the publication: "In two to three months, you’ll see tap up cards in all banks. You can look for MasterCard PayPass logo on the card or the reader and tap your card on this symbol PayPass locator."
