Subway sandwich chain to get PayPass system
By Megg Mueller
MasterCard is continuing to take a bite out of the world of contactless payments. The credit card company announced that by the end of the first quarter of 2012, customers of the sub sandwich chain Subway will be able to pay for purchases via MasterCard's PayPass system.
Subway has more than 7,000 sandwich stores in the United States which will accept the one-tap payment. The company believes its customers will appreciate the time-saving that occurs with being able to pay for their purchases quickly. The PayPass technology does not require customers to sign for purchases under $50, which should speed up payments even more. MasterCard reports there are almost 100 million credit cards, mobile phones, key fobs and other PayPass-enabled devices in use, and more than 340,000 merchants across the globe are set up to accept contactless payment system.
Peet's Coffee & Tea also announced it will begin accepting PayPass payments and Google Wallet payments by the end of October. There are almost 200 Peet's locations in six states, with most being in California. PayPass terminals are generally found in locations where customers are looking for quick transactions, such as these:
- Vending machines
- Fast food restaurants
- Taxis and airport shuttles
- Convenience stores
MasterCard is the first partner credit card for Google Wallet which launched last month. Google Wallet payments are supported by PayPass. MasterCard launched PayPass in 2002.