London, United Kingdom (PressExposure) October 27, 2009 -- MasterCardÂ® PayPassâ¢, which is being launched in partnership with RBS WorldPay, will be available for the first time on UK public transport, with Stagecoach Merseyside rolling the technology out across its 200-strong bus network. Retailers such as Boots will join many of the cityâs smaller independent retailers adopting PayPass âTap & Goâ technology in the coming weeks, allowing consumers to make contactless payment [http://www.rbsworldpay.com/contactless]
Recognised by 76% of retailers surveyed in Liverpool as a cost effective, efficient and secure payment method for small payments, even bus fares, a new RBS WorldPay study released to coincide with the Liverpool launch unveils the top five reasons why retailers welcome new card technology â such as contactless cards [http://www.rbsworldpay.com/contactless]â as the better alternative to cash:
â¢ 41% of retailers say card transactions save time on the premises, e.g. due to faster transaction times â¢ 31% say time is saved due to reduced banking - less cash means less banking â¢ 24% say convenience - of not having to cash up tills â¢ 20% say cleaner premises - with less mess around tills â¢ 20% say card payments mean fewer disagreements with customers
As well as reducing disputes with customers, PayPass could also help reduce the average Â£635 which the RBS WorldPay study shows that retailers participating in the study are individually losing each year due to incorrect change being given to customers. The problem is most acute among newsagents (Â£698 per annum) and bars and restaurants, where the figure rises to Â£739 per annum.
The study shows contactless [http://www.rbsworldpay.com/contactless] will also appeal to retailers who lose revenue due to inefficient in-store systems. Retailers admit that, in busy times, their average queue is four minutes 21 seconds, with even smaller retailers, including newsagents, making their customers wait an average three minutes and 48 seconds. These figures are released in the same week that research commissioned by MasterCard shows nearly two thirds of shoppers surveyed in Liverpool (61 per cent) are frustrated by queuing and refuse to stand in line for longer than five minutes (66 per cent).
Matt Rowsell, Head of Business Development at RBS WorldPay, the company that owns Streamline, explains: âIn the same way that Chip and PIN has revolutionised the way shoppers pay, contactless is the future of small ticket transactions. It is in line with customer preferences and gives retailers an ultra-low cost, fast and secure payment option at the tap of a card.â
Hany Fam, General Manager, MasterCard UK & Ireland, said: âPayPass has already revolutionised the way consumers make everyday payments in London and other major cities around Europe and our research suggests that it will do the same in Liverpool. Weâre proud to be the first payments brand in the UK to introduce contactless bankcard payments to both public transport and major retailers, potentially making millions of consumersâ lives easier.â
Directly linked to the cardholderâs bank account, PayPass is not limited by how much cash the shopper is carrying. This will help release spending from more than half (52%) of shoppers recently polled by MasterCard, who said they tend to carry either no change or less than Â£10 with them at any one time.
To celebrate the launch of contactless payments in Liverpool, RBS WorldPay and MasterCard will open a Contactless CafÃ© in the city centreâs Williamson Square, for one day only, on Tuesday 27th October 2009, from 8:00am, to showcase the benefits of contactless payments to consumers and local retailers.
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For further information please contact: Anna Moseley at Weber Shandwick on 020 7067 0380.