PURCHASE, N.Y. & MANHATTAN BEACH, Calif., (PaymentsMarket) -- Kinecta Federal Credit Union today announced it will provide its members with MasterCard(R) PayPass(TM) contactless payment technology on its credit cards. The PayPass-enabled cards offer Kinecta cardholders a fast, secure way to pay and a more convenient shopping experience.
To use the "Tap N Go(TM)" feature, Kinecta members simply tap their PayPass-enabled credit cards on a specially equipped merchant terminal. PayPass allows payments to be completed quickly, securely and easily, without the hassle of swiping a card or fumbling for cash and coins. Signatures are not required for PayPass purchases under $50, further expediting transactions. PayPass cards also include traditional magnetic strips so they can be used anywhere MasterCard cards are accepted.
"Issuing credit cards equipped with MasterCard PayPass is a great example of Kinecta's commitment to continually evolving our products and services to bring added value and convenience to our members," said Gary Harman, First Vice President of Consumer Lending Operations at Kinecta. "MasterCard PayPass is simpler and faster than cash, allowing our cardholders a more streamlined payment option."
According to MasterCard research, consumer preference and satisfaction is driving PayPass growth and usage globally. About 94 percent of respondents to a 2008 MasterCard PayPass Benchmark Study were satisfied with their experience, and 77 percent of PayPass consumers said they use PayPass as their primary card for everyday purchases.
"We are excited to partner with Kinecta to innovate its credit card portfolio by offering MasterCard PayPass to its members," said Cathleen Conforti, senior vice president, Global PayPass at MasterCard Worldwide. "By introducing PayPass, Kinecta is providing cardholders with access to the increased speed, convenience and flexibility in payment options that they're looking for."
Kinecta will provide new MasterCard cardholders with PayPass-enabled credit cards in November 2010, and will begin replacing existing members' credit cards with PayPass-enabled cards that same month.
About MasterCard PayPass
MasterCard PayPass is ideal for traditional cash-heavy environments where speed is essential, and has led the way in bringing contactless technology to consumer categories such as quickserve restaurants, drug stores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems, taxis, parking garages and more. As of Q2 2010, there are approximately 78 million MasterCard PayPass cards and devices in use at more than 245,000 merchant locations worldwide, including new acceptance environments such as vending, taxis, tollbooths and transit. PayPass is also accepted at numerous professional football and baseball stadiums. For more information about MasterCard PayPass and a full list of participating merchants, visit www.mastercard.com/paypass.
About Kinecta Federal Credit Union
Kinecta Federal Credit Union is one of the nation's largest credit unions, with approximately $3.5 billion in assets as of September 30, 2010; 24 member service centers throughout Southern California; and nearly 222,000 members nationwide. Headquartered in Manhattan Beach, Calif., Kinecta offers its members a full range of financial products through the Credit Union and its subsidiaries, Kinecta Financial & Insurance Services, Apollo Insurance Services Inc., and Kinecta Alternative Financial Solutions, dba Nix Check Cashing. Kinecta Federal Credit Union is a not-for-profit, financial cooperative that is owned by its members, and exists to provide a safe and convenient place for member/owners to conduct their financial business. For more information about Kinecta, visit www.kinecta.org.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2009, $2.5 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network -- the fastest payment processing network in the world -- MasterCard processes over 22 billion transactions each year, has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard(R), Maestro(R), and Cirrus(R); its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass(TM) and MasterCard inControl(TM). MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
SOURCE: MasterCard Worldwide
Sarah Ely, 914-249-6714
Kinecta Federal Credit Union
Molly Egan, 310-643-3263